XRP from Ripple is facing significant resistance at $0.60. The asset has decreased by 0.8% on a weekly chart and 3.8% on a 14-day chart. However, XRP has increased by 2.9% on a daily chart and 9.7% compared to last month. Furthermore, the price of XRP has risen more than 60% since March 2023.
XRP has been slow to recover despite a market-wide recovery in recent weeks. The lackluster performance of the asset may be due to Ripple’s ongoing lawsuit with the US Securities and Exchange Commission (SEC).
Will XRP from Ripple reach $0.80 this week?
XRP witnessed a significant price increase last week, reaching $0.73. However, the price of the asset was unable to sustain and immediately declined.
According to CoinCodex, XRP from Ripple could rise to $0.78 on March 22, 2024, representing an increase of about 27.8% from the current level. However, the platform does not predict a sustained price and anticipates a correction shortly after. CoinCodex predicts XRP to drop below $0.70 on March 24, 2024.
Changelly also paints a similar picture for XRP, predicting the asset to reach $0.796472 on March 21, 2024. Reaching $0.796472 from the current level would mean a growth of about 30.5%. However, Changelly also predicts XRP to drop below $0.70 immediately after the price increase.
Ripple’s lawsuit with the SEC is a significant barrier to the price of XRP. Although a US district court ruled partially in favor of Ripple last year, the lawsuit is now being appealed to a higher court, and investors are awaiting a decision.
If the higher court reaches a similar ruling to the district court, we could witness an increase in adoption and price of XRP. However, until there is a ruling from the US Supreme Court, the price of XRP may continue to trade at the current level.
