- XRP rose to $2.23 on March 12, recovering from a dip to $1.89, as reports suggest the Ripple vs SEC lawsuit may soon conclude, sparking market interest
- The $2.20–$2.30 zone remains a critical support level for XRP, with buyers consistently defending it against bearish pressure since December’s rally to a new all-time high
- Rumors of the SEC dropping its lawsuit against Ripple could lead to significant market activity, potentially reigniting interest in XRP and influencing its price trajectory
XRP saw a slight surge in value on March 12, following reports that the ongoing Ripple vs SEC lawsuit may finally be coming to a conclusion. More about this story here.
Ripple’s altcoin began the day trading at $2.07, still aiming to recover from this week’s major dropdown in the crypto market. The currency showed great strength as it continued to recover throughout the day.
At this time of writing, $XRP trades at $2.23 — up 16.39% from yesterday’s lowest point, according to CoinMarketCap.
Moreover, buyers are seeking to cement the currency at the $2.20 margin — a key support zone in XRP’s price action history.Â
XRP at $2.20
Since December’s rally to a new all-time high, the $2,.20—$2.30 zone has served as a pivotal margin for XRP.
The asset first touched that zone on December 1st, 2024. For the entirety of that month, bears tried to drive the price down from that zone, and every single time buyers denied their attempts with strong buying pressure, keeping the price supported and signaling a clear demand from market participants in that critical area.
In fact, buyers are still defending the $2.20 zone to this day. Despite March 11’s dip to $1.89 — the fact that XRP is now back to this key zone demonstrates its importance as a critical support level.
In the below image, you can see how every time volume spiked forcing $XRP’s value downwards, almost every time bears faced opposition at the $2.20 zone showcasing the strength of buyer demand at this level.
Whether today’s price movement for XRP will reignite a new rally for the token, or simply showcase the buyer’s strength remains to be seen. Nonetheless, if rumors are true and we witness the Securities and Exchange Commission dropping the Ripple lawsuit in the coming weeks — we will most likely see a lot activity on the XRP market.
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