Ripple (XRP) has had a lot of negative press in recent weeks with the SEC lawsuit. As a result, many investors appeared to be steering away from the coin. But at the start of March, XRP started to gain some momentum. Analysts are looking at a rally above $1, but how feasible is that? Here are some highlights first:
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Ripple (XRP) is winning the SEC suit, and investor confidence is returning.
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The coin has however been rejected strongly at $0.85.
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Any run towards $1 must overcome the $0.85 resistance.
Data Source: Tradingview
Ripple (XRP) – is $1 realistic?
Well, to be fair, it won’t be the first time Ripple (XRP) surges above $1. The coin is coming out strongly after positive news in the SEC suit. But in previous trading sessions, XRP has been firmly rejected at $0.85. The resistance has in fact proven quite hard for bulls to overcome in recent weeks.
We believe that any rally above $1 can only come if XRP is able to sustain gains above that threshold. At the time of writing this post, the coin was trading at $0.75. Also, surging above $1 will now mean that XRP has risen above its 200-day EMA, which could trigger a decisive bullish run.
But with a lot of selling pressure and short-term speculative trading right now, it will take a lot of persistence by bulls to edge above the $1 mark.
Are investors buying Ripple (XRP)?
For a long time, we have always known that Ripple (XRP) is a decent asset to buy. But the SEC issue was affecting investor sentiment towards the coin in a big way.
Now that these issues have started to clear out, it is likely that investors are also returning to XRP. After all, this is a big crypto project with the promise of superb long-term gains. It makes sense to own it as part of your investment strategy.