XRP Faces Crucial Test at $3.00 as SEC Case Continues

• XRP must break $3.00 resistance for bullish confirmation toward $4.30-$6.40.
• Failed breakout may lead to a pullback toward $1.90-$2.00, testing key support.
• Long-term projections suggest XRP could reach $33-$60 if momentum strengthens.

As Ripple’s legal battle with the U.S. SEC keeps getting delayed for a final closure, the complexity is heightened with the existing rulings both parties must adhere to, especially after Ripple filing their cross-appeal against SEC’s own appeal. 

Adding to the legal twists, the latest extension of Ripple’s filing deadline to April suggests that Commissioner Mark T. Uyeda and Hester Peirce, may need to assess the next steps carefully. 

This development also reduces the likelihood that the case will proceed to a full panel review, adding another layer of uncertainty to the situation.

XRP Price Dips and Market Trends

XRP is currently priced at $2.58, reflecting a 2.88% decline in the last 24 hours and a 6.90% drop over the past week. Despite these dips, with a circulating supply of 58 billion tokens, its market capitalization stands at $151.37 billion. 

Recent price movements indicate XRP’s bullish attempt. However, this attempt is facing key resistance zones. According to crypto analyst EGRAG CRYPTO, XRP is trading at $2.67. It’s now approaching significant resistance at $2.75, $2.83, $2.91, and $3.00. Crucially, breaking above these levels is needed to confirm a real upward trend.

Related: XRP Holders Fire Back After Gary Cardone Says “I Sold My $81,000 XRP”

$3.00: XRP’s Immediate Price Hurdle

XRP’s immediate resistance sits at $3.00, a historically critical level from previous all-time highs. If the asset closes above this mark on a monthly timeframe, analysts expect a breakout toward the next Fibonacci extension levels, with price targets ranging from $4.30 to $6.40. 

These levels align with Fibonacci retracement projections of 1.414 and 1.618, further supporting a bullish scenario if momentum remains strong.

Long-Term Price Projections and Market Scenarios

EGRAG CRYPTO also highlights a potential parabolic arc formation, divided into three phases yellow, green, and blue each signaling different market trends. Based on this projection, long-term targets for XRP range between $33 and $60. 

A sustained monthly close above $3.00 would reinforce bullish sentiment. This could then potentially drive the price toward even higher Fibonacci extension levels of $8, $13, $27, and $67.

Bearish Scenario: Pullback to $1.90-$2.00 Possible

However, a failure to break $3.00 could lead to a pullback toward $1.90 or even $2.00, aligning with historical support levels. 

A more severe downturn could see prices falling into the $0.90-$1.00 range, raising concerns about a broader market decline. While this bearish scenario is less favored, external catalysts such as regulatory scrutiny and financial audits could influence price movements.

Technical Indicators and Market Sentiment

Currently, XRP’s Relative Strength Index (RSI) is at 48.28, indicating neutral market momentum without overbought or oversold conditions.

Related: XRP Edges Out Ethereum in Coinbase Trading Revenue First Time Ever

The Moving Average Convergence Divergence (MACD) suggests short-term bearish momentum as the MACD line remains below the signal line. These indicators signal a period of consolidation, with traders closely watching the $3.00 resistance level for confirmation of the next major move.