Maintaining its spectacular March rebound, XRP’s price has surged to over 44% in the last 2 weeks, reaching levels close to last seen in May 2022. The sixth-ranked asset, which is currently trading at $0.53, has increased by more than 13% during the last day.
As a result, XRP is experiencing a sizable level of profit taking, which is at its highest ratio vs. loss taking since August 2021.
On-chain data aggregator, Santiment noted that XRP profit-taking trades are occurring 2.1 times more frequently than loss-taking transactions.
The token recently reached a four-month high, moving above $0.49 for the first time since November 6, and defied the general market downturn. At the same time, XRP’s social influence grew to its highest point in a year.
However, Santiment issued a warning that more crowd recognition might result in more erratic price swings brought on by higher volume.
Nevertheless, investors have once again pinned their hopes on a Ripple victory against the SEC after the blockchain firm filed a letter with the court citing court rulings from the Voyager Digital bankruptcy hearings.
Notwithstanding the SEC’s response to the supplemental letter and rejection of Ripple’s fair notice claim, another development has revived bullish sentiments.
XRP Investors Have Renewed Their Bets
On March 27, CFTC sued Binance for engaging in “Willful Evasion” of U.S. regulations and the sale of unregistered crypto derivative products.
The regulator also considered Ethereum to be a commodity while the SEC labeled these as security, reflecting regulators’ lack of clarity over the crypto assets classification.
For Ripple, this could provide a better opportunity as the regulators’ conflicting views on Ethereum could bolster its fair notice defense.
To recall, Ripple penned the following in its letter to Judge Torres referencing the presiding Judge in the Voyager Digital bankruptcy case:
“Judge Wiles found that cryptocurrency market participants operate in a regulatory environment that at best can be described as highly uncertain, in which regulators themselves cannot seem to agree as to whether cryptocurrencies are commodities that may be subject to regulation by the CFTC or whether they are securities that are subject to securities laws, or neither, or even on what criteria should be applied in making the decision.”
Judge Wiles’ comment that “uncertainty has persisted despite the fact that cryptocurrency exchanges have been around for a period of years” was quoted by Ripple’s attorneys to support their argument.