XRP faces challenges on its way to a new all-time high, despite support at $3 and positive market signals.
Support at $3 Keeps XRP's ATH Alive
Over the past week, XRP has struggled to breach the $3.50 resistance level, with each attempt meeting rejection. However, according to CoinMarketCap data, the asset’s quest for a new ATH is not entirely over, as technical indicators signal bullish momentum.
XRP’s price dipped from a high of $3.34 to a low of $3.04, threatening the $3 support level, but the bulls managed to step in, allowing the asset to break out of its falling wedge and begin an upward move. XRP has climbed from its low of $3.04 to an intraday high of $3.26. As of now, XRP is trading at $3.12, reflecting a 3.6% decline in the last 24 hours.
Regulatory Clarity as a Potential Price Catalyst
In the wider cryptocurrency space, updates in the SEC v. Ripple lawsuit are not expected today. With both entities having amicably resolved their legal battle, it has positively impacted the XRP price outlook. Popular on-chain analyst Ali Martinez predicts that a $12.6 target for XRP is a realistic expectation if market conditions favor growth. A status update on the lawsuit could serve as a catalyst for the asset.
Forecasts and Analysis of Current Market Situation
Investors should keep an eye on XRP reclaiming the $3.40 level, as it could be key for XRP’s stability. Top crypto analyst Michaël van de Poppe believes that XRP could find stability at this level. Meanwhile, the current trading volume suggests that the ongoing sell-off is easing, although it remains in the red zone at 1.31%, amounting to $10.17 billion.
Despite current price fluctuations and the impact of legal proceedings, XRP maintains the potential to reach a new all-time high. Investor attention will center on key support levels and prospects related to regulation.
