Ripple XRP has faced significant resistance in the past week. Since its surge in the middle of March, the native token of Ripple Labs has fallen off a cliff, tumbling to $0.6272 at press time. Analysts are hopeful that XRP can have a stellar April, going beyond the $0.73 level it hit this month.
However, XRP’s recent struggles are worrisome. If the asset continues at its current rate, it could start April with a drop below $0.60.
The SEC’s recent decision to penalize Ripple Labs has set a new development course in motion for XRP. The regulator is demanding $2 billion from Ripple as a penalty in their lawsuit, which has been dubbed “exploitative” by many analysts and investors within the XRP community. Furthermore, some XRP enthusiasts believe that this move by the SEC may be fueling a dropoff for the asset.
Will XRP Plummet Below $0.60?
The question of XRP falling below $0.60 is purely speculative on whether the cryptocurrency can breach current resistance levels. Since March 14, XRP has failed to breach $0.66, after surpassing $0.70 for the first time since November 2023. Trading volume in the last 24 hours is also down 10%. If interest in XRP begins to decline, it would only spell bad things for the asset.
Also Read: What’s in Store for Ripple XRP Post It’s SEC Court Case Verdict
A fall below $0.60 would be very steep at XRP’s current state. Therefore, while it is possible, it would take an extreme event to see XRP fall below that number. Ripple’s native cryptocurrency does need a pump soon though, if it wants to be already on the ground running by the time the Bitcoin Halving pumps the crypto market. This event is expected to fuel another surge like the one seen in March, and XRP will want to already be on the rise before the halving to ensure maximum gains.