What’s Driving XRP’s Monster Rally? Ripple’s Digital Asset Surges 44% in March 2023

XRP Price Surges to 5-Month High

XRP, the native cryptocurrency of the Ripple blockchain, has seen a significant bounce in recent days, reaching its highest price in more than five months.

The price of XRP rose to a high of $0.5307 on Tuesday, up more than 13% in less than a day. The cryptocurrency is now trading at $0.5200, up more than 50% since March 12.

Analysts believe that the recent price surge is being driven by a number of factors, including the ongoing regulatory developments that could have an impact on XRP.

In 2020, the US Securities and Exchange Commission (SEC) filed a lawsuit against Ripple Labs, its CEO Bradley Garlinghouse, and Christian Larsen, alleging that they raised more than $1 billion by selling unregistered securities. The case is still ongoing, but some analysts believe that the SEC’s recent filing against Binance could be a positive sign for XRP.

The CFTC filing described Bitcoin (BTC), Ethereum (ETH), and Litecoin (LTC) as commodities, which some analysts believe could lead to XRP being classified as a commodity as well. This would be a major victory for Ripple and could help to clear up the regulatory uncertainty surrounding XRP.

In addition to the regulatory developments, the recent price surge in XRP could also be due to technical factors. The cryptocurrency has been consolidating in a range for the past few months, and the recent breakout could be a sign that the bulls are starting to take control.

If the bulls can maintain their momentum, XRP could continue to rally in the near future. The next major resistance level is at $0.5450, followed by $0.5761 and $0.6469.

Overall, the recent price surge in XRP is a positive sign for the cryptocurrency. The ongoing regulatory developments could help to clear up the uncertainty surrounding XRP, and the technical factors could also be supportive. If the bulls can maintain their momentum, XRP could continue to rally in the near future.