XRP has outperformed top cryptocurrency rivals over the past 24 hours while hitting a new 10-month high.
XRP Price Hits 10-Month High
On March 29, the price of XRP surged nearly 15% to $0.58, a 10-month high, outperforming Bitcoin and ETH in the past 24 hours, rising by about 5.26% and 3.6%, respectively.
Daily XRP Price Chart | Source: TradingView
CFTC Calls Bitcoin, ETH, and LTC ‘Commodities’ document File a lawsuit against Binance.While regulators did not name XRP, many suppose i think This token will be classified as a commodity.
Case likely to close by end of March and before legal experts believe Ripple has a chance to win. XRP prices are up 45% so far this month on similar hopes, including a rally on March 29.In addition, optimistic investors also explain CFTC court filings helped drive up prices.
“XRP caught up with the market trend, up 8% to a 5-month high around $0.50. CFTC-Binance lawsuit may classify XRP as a commodity, not a security as the SEC claims in the SEC-Ripple lawsuit.” Ripple CTO’s The debate gained attention and XRP price was affected by the progress of the lawsuit.”
XRP Price Adjustment Coming Soon 35%?
The rally brought the Ripple token closer to its breakout target of $0.6. However, the possibility of a deep correction remains after the SEC-Ripple case was ruled a “rumor sell” event.
Technical indicators also show that XRP is facing the upper trendline of the ascending channel. Therefore, the price is correcting towards the lower trendline with a downside target for April around $0.38, which is 35% below the current price level.
Daily XRP Price Chart | Source: TradingView
On broader time frames, the ascending channel looks like a bearish flag, a technical indicator that suggests prices continue to fall.
XRP weekly price chart | Source: TradingView
Completion of the flag pattern could lead to a drop in XRP price to $0.189 in June, which is 65% lower than the current price.
- Financial Times accuses Binance of hiding its China office
- 20 million XRP withdrawn from Upbit as coin dominates exchange in terms of price gains and volume
- XRP Rises to 5-Month High at $0.502 Despite Crypto Market Drop
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As reported by Cointelegraph
