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XRP Price Surges 20% as Bulls Prepare for Next Pump

By:
Gerelyn Terzo
Published: Mar 30, 2023, 14:28 UTC

XRP price hit $0.58 in the past 24 hours with trading volume surpassing $4 billion, outpacing other top-10 cryptocurrencies in March.

XRP in the hands of the SEC v Ripple case - FX Empire

In this article:

Key Points:

  • XRP price reached $0.58 on strong volume 
  • XRP has since retreated as the bulls prepare for the next pump 
  • SEC Chair Gary Gensler wants billions of dollars to regulate ‘Wild West’ crypto 

The XRP price is taking a bit of a breather after hitting the $0.58 level in the last 24 hours. Conviction has been high as XRP trading volume surpassed $4 billion in the rally, nearly $1 billion more than the previous day. 

While the No. 6 crypto has since retreated to slightly below $0.55, the pullback is likely an opportunity for XRP bulls to dig in for the next pump. The Ripple-issued crypto has gained 20% in the past week, outpacing the other top-10 cryptos by a wide margin in March as it continues to trade independently of bitcoin. However, under a wider lens, bitcoin has not been too shabby and gained 72% year-to-date. 

Tradingview

Ripple is widely expected to prevail in its legal battle with the U.S. SEC in which the securities regulator charged the blockchain startup with selling XRP as an unregistered security. 

Even CNBC’s Jim Cramer, who is infamous for advising investors to sell their crypto, has acknowledged that the SEC may lose the Ripple case. The cryptocurrency industry is looking to Ripple and XRP for a win at a time when the regulatory crackdown against innovation has intensified. 

SEC Chair Wants Billions to Regulate ‘Wild West’ Crypto 

SEC Chairman Gary Gensler continues to alienate himself from the cryptocurrency community. In Congressional testimony on Wednesday, he described the crypto market as the “Wild West,” calling it a “highly speculative asset class” and reiterating his belief that it’s “rife with non-compliance.” 

He wants to see $2.4 billion in budget funds earmarked for the SEC to “investigate misconduct” amid an “increased complexity in the capital markets.” 

Gensler has roiled the cryptocurrency industry with this assertion that most cryptocurrencies except for bitcoin fit the bill as securities. 

Ripple Execs Clap Back

Last month, Ripple Chief Legal Officer Stuart Alderoty called for the SEC’s Gensler to recuse himself from any crypto-related enforcement case because he has already “prejudged the outcome.” 

Meanwhile, Ripple’s international policy counsel, Susan Friedman, said, “The SEC’s focus on enforcement over clarity is hurting markets, not helping them, and crippling capital formation in the US.”

About the Author

Gerelyn is a cryptocurrency and blockchain journalist who has been engaged in the space since mid-2017 when bitcoin was embarking on its first major bull run

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