XRP is once again showing strong performance, solidifying its position near the top of the crypto hierarchy. The token grew most recently, which set it apart from other altcoins.
The latest XRP surge comes after a major update in the legal battle between US regulators and Ripple. On Thursday, March 20, XRP CEO Brad Garlinghouse claimed that the Securities and Exchange Commission would soon drop legal action against the firm.
“This case has ended; it’s over,” Garlinghouse claimed, celebrating the upcoming decision in a recent X post. Garlinghouse also maintained that Ripple was not just on the right side of the law but also on the right side of history.
Regulatory news was not the only reason XRP was up. This news was accompanied by a broader rally due to a shift in monetary policy. In a Wednesday FOMC meeting, Federal Reserve officials signaled a pause on the quantitative tightening (QT) policy. As QT removed liquidity from the markets, the change boosted crypto assets.
XRP benefited the most from this shift, thanks to investor confidence in the asset. Due to its focus on cross-border payments, the token has attracted significant attention among both retail and institutional investors. Cross-border payments continue to be a key use case for crypto, and Ripple remains dominant in that market.
What’s Next for XRP?
Following these developments, XRP experienced an 8.33% price increase, bringing its weekly surge to 11.92%. The crypto analytics firm Santiment highlighted this performance, which set the token apart from most altcoins.
Santiment noted that XRP broke the $2.5 resistance, which typically suggests a breakout potential. While the price corrected from the daily high of $2.57, XRP still traded around the $2.5 level, with traders anticipating further price increases.
If the token stays above the $2.5 resistance, the next resistance is between $2.65 and $2.80. Bullish momentum in the crypto market opens a potential for consolidation around the $3 mark, which was the level XRP was last at near the beginning of March.
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