XRP price action shows a strong reversal rally that started with an uptick from the $0.55 mark.
In February, XRP prices rose 14%, however, it struggled to find momentum for a reversal amid a recovering market.
The reversal rally has consolidated the dominance of buyers above $0.55 and anticipates a possible bull run next month.
After breaking through a strong resistance trendline, XRP price stalled around $0.55 and entered a consolidation range. With the bullish reversal in the cryptocurrency market, bulls are officially back as the market cap surpasses $2 trillion and the trading volume of 9 Bitcoin ETFs exceeds $2 billion.
Although XRP price action delayed showing signs of a reversal, buyers are finally catching up. Ripple is on the verge of a recovery rally after rising 6.39% overnight, with investors maintaining the XRP price prediction at the $1 milestone.
Will Ripple drive the rally to $1?
As the XRP price chart witnessed a surge in momentum, expectations for a trend reversal surged. The reversal rally sparked a massive up move as Ripple managed to bounce back to the rest of the $0.54 support zone.
XRP price has increased by 10% in the past five days and the current market price is $0.5785. According to the price action, a bullish reversal above this area could signal a possible jump to the next level of $0.65.
SEC vs. Ripple Case:
The BTC spot ETF market update sparked a broad cryptocurrency rally, including speculation about an XRP spot ETF, further roiling the market. Against this backdrop, there have been no major developments in the SEC v. Ripple case that directly impact investors.
March 13, 2024 is a key date when the SEC must present its arguments for penalizing Ripple for unauthorized XRP sales and securities law violations. Ripple will respond by April 12, with a possible fine based on sales to certain U.S. investors. Judge Torres will assess XRP revenue before making a decision.
Will XRP price witness a longer rally?
Despite an intraday drop of 1.17%, the ongoing reversal struggles to maintain dominance, with XRP price remaining stuck between two key zones. There is a high probability that buyers will challenge the $0.65 resistance level, leading to a possible long-term bull run for the altcoin.
Furthermore, the recovery of the market and potential progress in the SEC-Ripple case in the coming months could drive the next bull run. In this case, the Ripple market price could reach the long-awaited milestone of $1.
