3 Reasons Why XRP Could Turn Around to End March

Despite the digital asset market’s gains throughout the month, one cryptocurrency has struggled. Indeed, Ripple (XRP) has fallen more than 1.42% over the last 24 hours, according to CoinMarketCap, trading at $0.62 and replacing many of the gains that it experienced throughout March.

The asset ended the week down 5% on Friday and extended a massive correction that took place after it reached a year-to-date high of $0.7440 on Monday. Although the correction aligns with a market-wide trend, things could be poised to turn around.

Indeed, this month is set to prove crucial for Ripple, with a plethora of important developments preceding what could be a massive turnaround to end the month for XRP. So, let’s delve into three reasons why Ripple (XRP) could turn around at the end of March.

Ripple Vs. SEC Lawsuit

Also Read: Ripple Forecasted To Hit $1.17, XRP Forms ‘W’ Pattern

As with any discussion regarding XRP, Ripple vs. the US Securities and Exchange Commission (SEC) is an important place to start. The two sides have been engaged in a years-long legal conflict. However, the asset may be set to benefit from an impending conclusion.

Many assert that XRP has struggled due to its presence in ongoing regulatory struggles. Well, for investors concerned about the ongoing legal battle, an end is set to arrive sooner rather than later, with key court dates taking place. Specifically, the SEC is facing an opening brief deadline on March 22nd.

Although this isn’t the end date for the trial, it is a denotation that the home stretch is upon us. After the agency’s opening briefing, Ripple has until April 22nd to file a reply. Thereafter, the SEC can file a reply on May 6th. However, the beginning of the end could bring about a positive sentiment.

Moreover, the perspective of the trial’s ongoing action seems to paint Ripple in a positive light. Indeed, Harvard Law School has discussed the enforcement action that took place in 2023. There, they noted that the SEC suffered a high-profile loss to Ripple. Overall, this asserts that XRP could continue to benefit from this increased perspective.

ETF Hype

Also Read: Ripple [XRP] Price Prediction For March 31, 2024

Yet another reason why Ripple (XRP) could be facing a turnaround by the end of March is the ongoing ETF hype. Indeed, the digital asset market has enjoyed tremendous gains from Bitcoin’s ETF success. Therefore, many are observing what assets could be next to receive approval for similar funds.

There is concern regarding Ripple’s regulatory standing and its potential hindrance to such an approval. However, many have expressed confidence that such an investment product could come to market. Ripple CEO Brad Garlinghouse previously said that Ripple Labs would welcome such an investment offering.

Additionally, Uphold Bank executive Martin Hiesboeck has said that such an XRP ETF is “around the corner. The discussion of such an investment product will undoubtedly have a massive impact on XRP’s price in the short term.

Discussions surrounding an Ethereum (EHT) ETF have also taken place. For the digital asset market as a whole, the approval of both investment funds could have massive repercussions for the industry. Therefore, many are hopeful that both could eventually receive approval from the SEC.

Technical Indicators

Also Read: Ripple XRP To Hit All-Time High By Bitcoin Halving: Predicts Analyst

Finally, the hope for Ripple (XRP) to end March with gains is the technical analysis of the asset. Indeed, if the asset continues to fall to $0.5758, it would be the 78.6% Fibonacci retracement of its 2024 peak, according to FX Street. Then, it could begin its recovery.

Specifically, the asset could eventually incite a rally that returns it to the $0.7440 level. Additionally, the relative strength index (RSI) of the asset is reading almost 52. This is nearly neutral and does indicate indecisiveness. However, the Awesome Oscillator (AO) notes that there is positive momentum regarding a potential correction for XRP.

Altogether, these various facets could point to an increase in XRP value in the short term. Therefore, Ripple could face a turnaround until the end of March. If that’s the case, it could follow bullish momentum in the most crucial conclusive moment of its ongoing SEC lawsuit. Subsequently, it could be situated for a perfect storm to carry it even higher.