- XRP surged to $2.59 on March 19, and recovered to $2.41 by Saturday after the SEC dropped its appeal in the Ripple case, driving a 15% price increase and marking the end of a significant regulatory battle started in December 2020.
- Network activity exploded in March with six times more unique wallet interactions than in January and February, while key stakeholders holding at least 1 million XRP accumulated 46.4 billion coins, up 6.5% in two months, reflecting strong confidence in its utility.
XRP has emerged as a standout performer in the cryptocurrency market, with its price climbing to an intraday high of $2.41 on Saturday, after peaking at $2.56-plus on March 19, reflecting a notable recovery from two subsequent days of declines. This resurgence follows a pivotal announcement from Ripple CEO Brad Garlinghouse that the U.S. Securities and Exchange Commission (SEC) has abandoned its appeal in the long-standing legal battle against Ripple, a case initiated in December 2020 that accused the company of illegally selling XRP as an unregistered security. The SEC’s decision to drop the appeal, tied to a lawsuit that once threatened Ripple’s operations, has unshackled XRP from years of regulatory uncertainty, sparking a 15% surge to $2.59 midweek and reinforcing its position as a key player in the digital asset space.
The ripple effects of this legal victory extend beyond price action, as on-chain data reveals a dramatic uptick in network activity and stakeholder confidence. Analytics platform Santiment reported on March 19 that XRP address activity in March is approximately six times higher than in January and February, with unique wallets interacting on the network surging in response to the news. Key stakeholders have also intensified their accumulation, with wallets holding at least 1 million XRP now controlling 46.4 billion coins – a 6.5% increase over the past two months – underscoring growing trust in XRP’s utility and future potential. This heightened engagement aligns with XRP’s role in facilitating fast, low-cost cross-border payments, a use case that has long distinguished it from many altcoins and fueled its decoupling from broader market trends.
Despite slipping slightly to $2.37 by press time, up 0.34% in the last 24 hours, XRP’s breach of the $2.90 level on March 2, signals robust momentum. The SEC’s 2020 lawsuit had cast a shadow over XRP, marking a critical juncture in the agency’s crackdown on cryptocurrencies, but its resolution has unleashed pent-up demand and network growth. With the legal overhang lifted, XRP’s price trajectory and soaring utility suggest it is capitalizing on both investor enthusiasm and its foundational strengths, positioning it as a leader among altcoins in a volatile market still navigating regulatory and economic complexities.
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