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The broader cryptocurrency market witnessed a strong rally this month of March 2023, and Ripple’s native crypto XRP has emerged as one of the strongest performers. On Tuesday, March 28, the XRP price shot up by another 14% reaching all the way to $0.55.
This is for the first time since November 2022 that the XRP price has shot past $0.50. As of press time, XRP is trading 12.72% up at a price of $0.5349 and a market cap of $27.640 billion. On-chain data provider Santiment reported that amid this price surge, the trade profit-taking ratio has also shot the most since August 2021. It adds:
XRPNetwork continues its impressive March recovery, with its price now +44% in the past 2 weeks and another +11% today. As a result, we’re seeing a very high level of trader profit taking, which is at its highest ratio vs. loss taking since Aug, 2021.
Ripple, XRP, and the SEC
One of the major reasons behind the recent rally in the XRP price is that many market experts believe that the Ripple vs the SEC case will come to an end in the near term as early as this week.
SEC’s overhanging case on Ripple over more than two years has been one of the reasons behind XRP’s subdued price performance. However, the native Ripple cryptocurrency continues to be among the top ten digital assets by market cap despite this legal battle.
With the current price rally, XRP is at the sixth spot and is eyeing a move within the top five list. Ripple’s head of policy, Susan Friedman, has recently expressed concerns over the slow crypto regulations in the US. In her recent tweet, Susan wrote:
While other jurisdictions have constructed entire frameworks to regulate crypto in the 4 years since @giancarloMKTS left the CFTC, the US is still struggling to answer the same threshold questions he faced as Chair. It’s not a question of if industry leaves the US but how fast.
The outcome of the Ripple vs the SEC case will be important for the crypto industry ushering in a new era of transparent and clear regulations.
Currently, XRP is trading at the first major resistance of $0.5450. The subsequent two resistance levels for the altcoin are $0.5761 and $0.6469. If at all the SEC comes to an end, the XRP bulls could charge further from current levels.
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