As the token looks to rebound from the crypto market crash earlier this month, Ripple has continued its 12% weekly gain as XRP could be preparing to target $0.7. Indeed, the asset has seemingly thrived since settling its years-long lawsuit with the US Securities and Exchange Commission (SEC).
Currently, the asset is facing a key resistance level that will determine its fate. However, ETF and IPO hype are forming a positive market sentiment. That could coincide with a greater market rebound that catapults XRP to being one of the best-performing cryptocurrencies this year.
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XRP to $0.7? One Resistance May Be Standing in Its Way
Heading into 2024, Ripple emerged as an interesting investment. It had the potential to success, but plenty of obstacles in its way. As we reach the halfway point, it is set to begin making good on that potential. Its recent $125 million settlement with the SEC is a good starting point.
Now, Ripple has already continued its 12% weekly gains as XRP looks to target a surge to $0.7. Over the last seven days, the asset has increased to its current $0.58 level, according to CoinMarketCap. From here, $0.63 has emerged as a crucial resistance point.
The token has seen selling pressure keep XRP submerged. The asset has maintained a position between $0.63 and $0.55, with the market behavior setting up its next move. Indeed, the asset is at a crossroads; looking to surge past its resistance, or succumb to face critical support.
Also Read: Ripple: How High Can XRP Go If Bitcoin Hits $100,000?
Sideways consolidation was expected, and how it behaves at its current level will chart its next course. If it can surpass the resistance, it could target further increases above the $0.71 mark. However, if it fails, it could target a drop to $0.48.
In a recent discussion with Forbes, Conotoxia crypto analyst, Grzegorz Drozdz noted Ripple’s uncertainty. Specifically, he said that the SEC issue is not completely settled. Therefore, making future predictions more difficult.
“The dispute has not yet been fully resolved,” he told the publication. “While the recent developments are certainly encouraging, we cannot be completely certain about XRP’s future trajectory.