On Saturday, March 8, XRP declined by 2.50%, extending Friday’s 8.23% plunge to close at $2.3265. XRP underperformed the broader market for a second successive session, reflecting investor disappointment with President Trump’s Strategic Bitcoin Reserve (SBR) Executive Order. The broader crypto market slipped by 0.49% to a total crypto market cap of $2.79 trillion on Saturday.
Following Trump’s SBR Executive Order, XRP’s near-term trajectory hinges on two crucial factors: the SEC’s appeal strategy and potential XRP-spot ETF approvals.
Bullish Scenario: If the SEC withdraws its appeal, XRP could break above its all-time high of $3.5505. Approval of XRP-spot ETF applications may further boost XRP demand, potentially pushing it toward $5 on institutional demand.
Bearish Scenario: The SEC pursues its appeal and disapproves XRP-spot ETF applications, sending XRP below $1.5.
Conclusion : XRP has recorded two straight days of losses, trading below the 50-day Exponential Moving Average (EMA) but above the 200-day. The EMAs send bearish near-term and bullish longer-term price signals.
A break above the 50-day EMA, bulls may target the March 2 high of $3.0153 as the next resistance level. A return to $3.0153 could signal a move toward the January 16 high of $3.3999. Favorable Ripple case-related news may bring the all-time high of $3.5505 into play.