- Investor optimism for XRP rose yesterday, causing XRP’s price to gain 1.07%.
- XRP closed Q1 of this year with a 58.9% gain.
- Investor optimism continues to increase as Ripple’s defense strengthens its case against the SEC.
The price of Ripple (XRP) rose by 1.07% yesterday, and partially reversed a 1.93% loss from Thursday. This saw the remittance token ending March off with a 42.82% gain to close at $0.53798. This bullish March contributed to a 58.9% Q1 for XRP.
Daily chart for XRP/USDT (Source: TradingView)
Yesterday was a quiet trading session given that there were no updates on the ongoing Ripple vs SEC lawsuit. This lack of updates increased investor optimism relating to the case, with investors and traders confident that Ripple will win the lawsuit.
This optimism is justified by the strategic moves made by Ripple’s defense team recently which have strengthened their position in their longstanding case with the SEC. One focal point in the case which remains is the Hinman documents, which the SEC has been trying to prevent from entering the case.
This, together with the SEC and CFTC disagreements over the classification of ETH and other cryptos has inadvertently supported Ripple’s defense in the last couple of months.
CoinMarketCap shows that the price of XRP has dropped 4.68% over the last 24 hours to trade at $0.5107. XRP also weakened against the two crypto market leaders, Bitcoin (BTC) and Ethereum (ETH), by 7.09% and 6.29% respectively.
XRP is looking to set a new 24-hour low as it currently trades near its current daily low of around $0.5099. Meanwhile, the crypto’s 24-hour high stands at $0.5469.
The daily trading volume for XRP today is 15.07% lower than what it was yesterday. Currently, the 24-hour trading volume for XRP stands at $1,938,236,946.
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