$XRP Price Outlook: Legal Clarity Could Impact Demand
On Sunday, March 16, XRP ended its five-day winning streak. After a 1.45% gain on Saturday, XRP fell 4.07% on Sunday to close at $2.2952. Significantly, XRP underperformed the broader market, which fell 2.39% to a total cryptocurrency market cap of $2.65 trillion.
The SEC’s silence on its appeal strategy weighed on investor sentiment, leading to profit-taking ahead of a crucial week for the cryptocurrency market.
Key Factors Influencing XRP Price Outlook:
SEC Appeal Strategy: If the SEC withdraws its appeal, XRP could surge past its all-time high of $3.55. However, prolonged legal uncertainty could push prices below $1.50.
XRP-Spot ETF Outlook: Approval of an XRP ETF could boost institutional inflows and push prices towards $5. However, unresolved legal issues could delay approval.
Macro Risks: Rising trade tensions and a hawkish Fed policy stance could push XRP towards the February low of $1.7938. Conversely, easing trade tensions and a dovish Fed could support a rally towards $2.50.
Source: FXEmpire
