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XRP Price Jumps 10%, Important XRP vs. Bitcoin Signal Emerges

Tue, 03/21/2023 - 14:33
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Tomiwabold Olajide
Sharp recovery coincides with XRP bottoming out on its BTC chart
XRP Price Jumps 10%, Important XRP vs. Bitcoin Signal Emerges
Cover image via stock.adobe.com

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The price of XRP suddenly jumped 10% to outperform the top 10 cryptocurrencies by market capitalization. XRP is outperforming Bitcoin and Ethereum in daily gains, as these are up 0.62% and 2.87%, respectively.

At the time of writing, XRP was up 11% in the last 24 hours at $0.424. In the last few hours, XRP has gained over 8%.

The sharp recovery coincides with XRP bottoming out on its BTC chart. After weeks of underperformance, XRP suddenly gained strength in its Bitcoin pairing after reaching lows of $0.0000134 on March 20. XRP is currently up 13% against Bitcoin.

Per the RSI indicator, the XRP/BTC recovery trend might continue in the very short term. This implies that XRP could continue to gain strength against Bitcoin in the coming days.

Predictions in Ripple lawsuit

Fox Business correspondent Eleanor Terrett predicts three outcomes for summary judgment in the Ripple-SEC case. "For those not in the XRP community: If Judge Torres comes back with a decision on summary judgment in the Ripple case this week, one of three things could happen: She could side with Ripple, she could side with the SEC, or she could decide the case should go to trial," Terrett tweeted.

CryptoLaw founder John Deaton predicts that Judge Torres will rule in favor of Ripple executives Brad Garlinghouse and Chris Larsen.

He believes that Judge Torres will rule that no reasonable jury could conclude that the two executives were reckless in not knowing XRP was a security when the SEC itself did not.

In the latest developments in the lawsuit, Ripple defendants have offered the ruling of Judge Michael Wiles in the Voyager bankruptcy case, which rejected the SEC's objections in further support of its fair notice defense.

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About the author

Tomiwabold is a cryptocurrency analyst and an experienced technical analyst. He pays close attention to cryptocurrency research, conducting comprehensive price analysis and exchanging predictions of estimated market trends. Tomiwabold earned his degree at the University of Lagos.