Key Insights:
- XRP faces major resistance at $2.62 despite rising trading volume and interest.
- Ripple’s legal motion and ETF expectations drive renewed investor speculation.
- Technicals point to $3.78 breakout if bulls clear key Fibonacci resistance zone.
XRP price traded near $2.47 on March 24 as traders monitored its test of a long-standing resistance at $2.62.
The Ripple-linked cryptocurrency surged nearly 3% on the day, rebounding over 31% from its March low of $1.90. The daily trading volume jumped 66% to $2.9 billion, according to CoinMarketCap.
Market analyst CW highlighted the sell wall in a March 24 post, calling the $2.62 barrier “thick.” He added that another resistance zone lies directly above, warning that bulls must break both to confirm a broader uptrend.
Volume spikes, ETF buzz lift sentiment
XRP’s 24-hour futures open interest rose 4.21% to $4 billion, showing growing leveraged interest. Accumulation data also improved, with the Accumulation/Distribution line at 10.55 billion, according to TradingView.
Interest in XRP is also coming from institutional channels. CoinShares reported $6.77 million in XRP inflows last week, bucking a five-week trend of outflows across digital assets. Ethereum saw $86 million in withdrawals during the same period.
21Shares recently began offering exchange-traded products (ETPs) for XRP in Europe. The move sparked renewed interest from investors, with some speculating it could pave the way for broader exchange-traded fund (ETF) participation later in the year.
Ripple CEO: Lawsuit nearing end, IPO not a priority
Ripple CEO Brad Garlinghouse added to the speculation during an interview last week, stating that he expects a wave of XRP ETF filings once the lawsuit with the U.S. Securities and Exchange Commission ends.
Ripple has submitted its final motion in the case, with the next hearing scheduled for mid-April. The CEO also hinted at a potential initial public offering (IPO) this year, though he noted it
The long-running SEC lawsuit has weighed heavily on XRP’s U.S. presence. A resolution could open up new investor access and lift legal uncertainty.
XRP Price Analysts target $3.78 if bulls break resistance
On the technical front, XRP trades just above a key support zone near $2.40. The chart shows a bullish breakout structure with a potential target at $3.78, the 1.618 Fibonacci extension level.
A clean move above $2.62 could trigger a 60% rally, based on historical breakout patterns. Analyst Altcoin Sherpa described XRP’s structure as “beautiful,” suggesting long-term holders may benefit most.
Still, price action remains cautious. The Relative Strength Index (RSI) stood at 52.92, signaling neutral momentum.
Broader market supports XRP Price move
XRP’s rise follows a broader crypto market rally, with Bitcoin recovering past $87,000. Ethereum traded above $2,070, while Solana and Dogecoin posted gains at $142.20 and $0.18, respectively.
The total market capitalization climbed nearly 3% to $2.84 trillion. Improving sentiment and liquidity flows have helped major altcoins find upside traction.
Meanwhile, social chatter around XRP remains intense. Users on X speculated about major bank partnerships and the rise of decentralized finance (DeFi) on the XRP Ledger.
Despite the optimism, analysts say XRP must first clear resistance before any breakout can be confirmed. Until then, the $2.62 sell wall remains the line in the sand.
Disclaimer
This article is for informational purposes only and provides no financial, investment, or other advice. The author or any people mentioned in this article are not responsible for any financial loss that may occur from investing in or trading. Please do your research before making any financial decisions.
Moses K is a crypto journalist covering markets, regulation, and blockchain trends. He has written for The Coin Republic, Coinchapter, Cryptopolitan, Cryptotale, Coinspeaker, and MPost. Known for his concise, data-driven reporting, Moses focuses on price analysis, on-chain metrics, and policy developments shaping the global digital asset landscape.