One analyst suggests that XRP will embark on a massive bull rally if it breaks past the $0.75 resistance while also warning that dipping below $0.44 could signal a bearish run.
The upcoming trial between Ripple and the SEC will be a significant turning point in XRP’s price journey, with a victory for the blockchain payments firm poised to unveil a monster rally for the token.
XRP has failed to take off in the first quarter of the year as other tokens set new highs, closing the quarter just marginally above where it started in January. However, a massive price swing could be on the cards soon, with April set to be a defining month for the token.
XRP trades at $0.6014 at press time, shedding 2.1% in the past day and 7.23% in the past week, where any efforts to mount a comeback were quickly subdued. Investor interest in the token is still high, with the trading volume surging 65% to hit $1.919 billion.
XRP’s performance in the first quarter was checkered. It started the year at $0.6157, and despite some spikes in early March, it ended the quarter at $0.6288. It hit its highest point on Mar 11 at $0.727, its highest price since last November. Its lowest was on Feb 1, when it briefly dipped below $0.5.
XRP’s performance, while mostly steady, is underwhelming relative to the rest of the market. Bitcoin shot up from $42,000 to its new all-time high in March, around $73,600, while Ethereum nearly doubled from $2,205 to its three-month high of $4,045. Solana doubled its price within the first quarter, while Shiba Inu went up 4x in early March.
When Will the XRP Bull Market Begin?
With all the other coins hitting highs in Q1, the question of whether XRP will record a bull rally this year has become pressing for traders.
According to Egrag Crypto, a renowned analyst, the spark for the bull rally will be XRP breaking past the elusive $0.75. Borrowing from the descending triangular trading pattern below, Egrga observes that the token could also slide into a bear market if the price breaches the $0.44 support.
The analyst, however, acknowledged that XRP has kept its holders waiting for an extended period for the rally and advised them to take some profits if need be.
He stated:
STAY STEADY, Our path is clear, but remember to secure profits along the way if you are in need because i will do so.
Egrag also noted that on the technical charts, XRP has recorded six consecutive monthly closes above the 21-day exponential moving average (21 EMA), signaling its strength.
#XRP 21 EMA-Setup is Ready!
Monthly #XRP candle closing in 2 hours. With a high degree of confirmation, I can say that closing more than 6 monthly candles above the 21 EMA demonstrates the strength of #XRP. #XRPArmy, STAY STEADY! The pump is closer than anyone thinks! pic.twitter.com/WXrBkQdDzF
— EGRAG CRYPTO (@egragcrypto) March 31, 2024
Away from the technical analysis, the upcoming trial between Ripple and the SEC is a landmark event that could swing XRP’s price. While it will take some time, the trial could spark an unprecedented rally for the token if the California company gains a leg up against the regulator, something it has done severally in the past, as Crypto News Flash has reported. The trial kicks off in three weeks.
The post Ripple Price Forecast: Analyst Suggests XRP Bull Run Imminent Amid SEC Lawsuit Developments appeared first on Crypto Adventure.