- XRP price rose by 10% to levels above $0.50 on Tuesday.
- Ripple will soon be facing a court ruling in its battle with the SEC, with XRP’s social dominance increasing.
- XRP price is up due to rising volume, with the XRP/TUSD pair added on Binance on 29 March.
The value of XRP surged by nearly 10% on Tuesday morning, pushing the Ripple cryptocurrency to its highest level since early November. XRP has seen a 32% increase in price during the past week.
The gains of XRP come as the wider crypto market continued to remain sluggish, with the community mulling over recent news surrounding major exchange Binance.
By 11 am ET on 28 March, the XRP token was trading at $0.5045, which was the highest price for the digital asset since 5 November 2022 when it suddenly dropped from over 50 cents to lows of $0.33.
XRP Price Outlook with Volume Increase
The positive sentiment for XRP has been building up over the past week, with expectations of the SEC vs. Ripple Labs case putting high volume back into the top 10 cryptocurrencies.
The Commodity Futures Trading Commission (CFTC) declaring Bitcoin, Ethereum, and Litecoin as commodities in its filing against Binance has added to speculation that XRP will be declared a commodity and not a security when its court case with the US regulator concludes.
John Deaton, the founder of Crypto Law and a blockchain enthusiast, said on Monday 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 it’s made clear XRP isn’t a security? What are the potential gains?”
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 sentiment towards XRP has been persistent over the last few days, resulting in a rise in trading volume as more people become aware of the cryptocurrency.
According to on-chain data platform Santiment, XRP’s surge to a 50-week high coincides with XRP Network’s social dominance reaching a new yearly high. This is a clear indication of increased recognition of the cryptocurrency, which could lead to further price volatility due to a surge in volume and mainstream interest.
👀 #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