XRP slips 4% below $1.20 after breakout rally stalls near key resistance

XRP experienced a 4% decline, falling below the $1.20 mark on March 18, 2024, as its recent rally encountered resistance. The cryptocurrency had previously surged to a high of $1.24, its strongest performance since April 2021, following a court ruling that partially favored Ripple Labs in its legal battle with the U.S. Securities and Exchange Commission (SEC). However, the momentum faltered near the $1.25 resistance level, leading to a wave of selling pressure. Analysts noted that while the court's decision was a significant positive development, the ongoing regulatory uncertainty continues to weigh on XRP's price. Trading volume increased during the pullback, indicating strong conviction from sellers. Despite the dip, buyers emerged around the $1.17 level, providing some support and preventing a more substantial price drop. The short-term outlook for XRP remains dependent on its ability to reclaim and hold above the $1.20 level, which has now become a key resistance zone.