XRP is once again showing its impressive side, cementing its place among the top crypto assets. The token recently outperformed other altcoins, thanks to a significant legal victory and strong technical indicators.
A key reason for XRP’s rise was the likely end of the legal battle between US regulators and Ripple. On Thursday, March 19, CEO Brad Garlinghouse announced that the Securities and Exchange Commission would soon drop its legal action against the company, thus concluding the case.
Regulatory news wasn’t the only reason XRP rose. This news coincided with a broader rally triggered by a change in monetary policy. At a FOMC meeting on Wednesday, Federal Reserve officials signaled a pause in the quantitative tightening (QT) policy. Because QT drained liquidity from the markets, the change gave crypto assets a boost.
XRP benefited most from this shift, thanks to investor confidence in the asset. With its focus on cross-border payments, the token has attracted significant attention from both retail and institutional investors. Cross-border payments remain a key use case for crypto, and Ripple continues to dominate this market.
What’s next for XRP?
As a result of the positive news, XRP saw a price increase of up to 8.33% at one point, bringing its weekly gain to 11.92%. However, XRP has since corrected and fallen by 5%. Despite this, the token stands out from most altcoins, as crypto analytics firm Santiment points out.
Santiment noted that XRP had broken through the $2.50 resistance, which typically indicates a potential price increase. Although the price corrected from the daily high of $2.57, XRP was still trading around $2.42, and traders expected further price gains.
If the token can break through the $2.50 resistance again, the next resistance level lies between $2.65 and $2.80. The current bullish momentum in the crypto market could lead to consolidation around $3, a price level XRP last reached in early March.
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