The broader cryptocurrency market witnessed a strong rally this month of March 2023, and Ripple’s native crypto XRP has emerged as one of the strongest performers. On Tuesday, March 28, the XRP price shot up by another 14% reaching all the way to $0.55.
This is for the first time since November 2022 that the XRP price has shot past $0.50. As of press time, XRP is trading 12.72% up at a price of $0.5349 and a market cap of $27.640 billion.
SEC’s overhanging case on Ripple over more than two years has been one of the reasons behind XRP’s subdued price performance. However, the native Ripple cryptocurrency continues to be among the top ten digital assets by market cap despite this legal battle.
With the current price rally, XRP is at the sixth spot and is eyeing a move within the top five list. Ripple’s head of policy, Susan Friedman, has recently expressed concerns over the slow crypto regulations in the US.
The outcome of the Ripple vs the SEC case will be important for the crypto industry ushering in a new era of transparent and clear regulations.
Currently, XRP is trading at the first major resistance of $0.5450. The subsequent two resistance levels for the altcoin are $0.5761 and $0.6469. If at all the SEC comes to an end, the XRP bulls could charge further from current levels.