XRP (XRP) has outperformed its top data encryption competitors in the past 24 hours and won the highest price in 10 months.
XRP prices soared nearly 15 per cent to $0.58 on March 29th, the highest in 10 months and have mainly outperformed BTC (BTC) and ETH (ethernet) in the past 24 hours, with the latter up about 4.5 per cent and 2.75 per cent respectively.
In court documents filed with Binance, the American Commodity Futures Trading Federation (CFTC) referred to BTC and Taihe County Bitcoin (Litoin) as "spot commodities". Although U. S. regulators do not name XRP, many people believe that such tokens should be classified as products.
The prosecution of SEC v. Ripple is likely to be completed by the end of March, and legal and regulatory experts point out that Ripple can successfully appeal. XRP shares are up 45% so far this month on similar expectations, including a price increase on march 29th, which was further filled by investors' cheerful explanation of CFTC's filing with the court.
The increase in the price of XRP brings it closer to the overall target of $0.60. However, the probability of a sharp correction after the decision in SEC v. Ripple still exists, which is a "sold news report" incident.
Performance indicators also show that the XRP/ dollar is against the rising moving average that has encountered its core upward trend. As a result, a pullback is now under way towards a relatively low moving average, with share prices forecast to fall around $0.38 in April, down 35% from their current level.
Over a wider period of time, the upward trend looks like a bear flag, a bullish constant performance indicator.
After the end of FLAG, the price of XRP is likely to fall to $0.189 in June, more than 65% lower than the current price level.
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Tue, 18 Apr 2023