XRP price jumps 10% to hit 5-month high above $0.50
- XRP price rose nearly 10% to highs above $0.50 on Tuesday.
- Ripple is set for a court decision in its battle with the SEC, with social dominance for XRP rising.
- XRP price is up amid increased volume, with support for the XRP/TUSD pair on Binance added on 29 March.
The price of XRP soared nearly 10% on Tuesday morning to break above $0.50 for its highest level since early November. The XRP price is up 32% this past week.
XRP’s gains came as the broader cryptocurrency market endured yet another slow day, with action muted as the community digested recent news around major cryptocurrency exchange Binance.
As of 11 am ET on 28 March, the XRP token traded at $0.5045, the highest price for the Ripple cryptocurrency since 5 November 2022 when it sharply dropped from above 50 cents to lows of $0.33.
XRP price outlook amid volume spike
Today’s upside comes after a week of growing positivity for XRP, with expectations over the SEC vs. Ripple Labs case helping return huge volume to the top 10 crypto.
The Commodity Futures Trading Commission (CFTC) terming Bitcoin, Ethereum and Litecoin as commodities in its complaint against Binance has only helped to fuel sentiment that XRP will be declared a commodity and not security when its court battle with the US regulator concludes.
On Monday, John Deaton, the founder of Crypto Law and a blockchain enthusiast, suggested that XRP offers the best risk/reward ratio.
“The Judge’s ruling is coming down w/in the next few weeks (maybe this week). If the SEC wins, what’s the downside from .45? Ripple appeals and we get the status quo. Ripple wins and its made clear XRP isn’t a security? Upside?”
XRP has the most attractive risk/reward ratio IMO. The Judge’s ruling is coming down w/in the next few weeks (maybe this week). If the SEC wins, what’s the downside from .45? Ripple appeals and we get the status quo. Ripple wins and its made clear XRP isn’t a security? Upside? 🤔
— John E Deaton (@JohnEDeaton1) March 26, 2023
This outlook for XRP has persisted over the past few days, with trading volume spiking as the network experienced increased mainstream interest.
According to on-chain data platform Santiment, XRP’s breakout to a 50-week high coincides with XRP Network’s social dominance bursting to a new year-high level. This has only added to increased crowd recognition, suggesting the cryptocurrency could see further upside volatility as volume spikes.
👀 #XRPNetwork‘s social dominance is at its highest point in a year following the surge above $0.49 for the first time since Nov. 6. Added $XRP crowd recognition means more volatile price swings caused by increased volume & mainstream interest. https://t.co/bMT66JTwmT pic.twitter.com/pUIWe9vGKu
— Santiment (@santimentfeed) March 27, 2023
Binance’s announcement that it will support for the XRP/TUSD pair starting 29 March, 2023 has also contributed the social chatter that’s seeing XRP price look to test new multi-month highs.
However, while bulls might have a chance to extend gains above $0.50, chances of a short term sell-off are likely given the outcome of the SEC case as well as prevailing market sentiment. If profit taking intensifies, its possible XRP could retreat to recent support near $0.36.
[ad_2]
