The price of XRP hit a 10-month high, can the risk of a 35% drop be avoided?

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.

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As reported by Cointelegraph

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