XRP tokens jumped for the second day in a row, adding 11% in the past 24 hours. They were bolstered by speculation that the classification of bitcoin and ethereum (ETH) as commodities in the US Commodity Futures Trading Commission (CFTC) lawsuit against Binance could mean that XRP tokens are also classified as commodities. That could hurt the US Securities and Exchange Commission (SEC) case against Ripple, which says the tokens are securities. Classification as a commodity could mean Ripple wins the case – which some traders view as bullish for XRP.
Other tokens also rallied. Ether was up 4% as Ethereum developers confirmed the Shapella upgrade, a fundamental release, for April 14. The upgrade will allow ether stakers to withdraw tokens for the first time, in addition to other network improvements such as improved transaction fees.
Cardano’s ADA rose 8%, bnb tokens (BNB) recovered 1.9%, erasing some of this week’s losses, and Polygon’s MATIC rose 7% on the launch of its zero-knowledge Ethereum Virtual Machine in what could become one of the hottest blockchain trends of 2023.
However, XRP may fall in the coming days, an on-chain analysis suggests.
Data from the on-chain analytics tool Santiment, cited by FxStreet, shows that trades “at a profit” have hit a 19-month high, suggesting that traders may be capturing recent gains and contributing to falling prices.
That could push XRP prices from the current level of 54 cents to a resistance of 40 cents, price chart analysts suggest.
Leave a Reply