XRP (XRP) saw a remarkable uptick of 15% over the last 24 hours, reaching $2.55 on March 19, a notable recovery from its recent low of $1.89 on March 11. This surge coincides with a broader uplift in the cryptocurrency market, likely influenced by the impending Federal Open Market Committee minutes and a press conference from Federal Reserve Chair Jerome Powell.
Let’s delve into the primary factors that have contributed to this resurgence of XRP.
XRP Rallies Following Major Announcement from Ripple’s CEO
A significant boost in XRP’s price can be attributed to the statement made by Ripple’s CEO, Brad Garlinghouse, who indicated that the US Securities and Exchange Commission (SEC) could be poised to drop its appeal against Ripple.
Here are crucial points regarding this development:
- The case, initiated in December 2020, saw Ripple secure a partial victory in August 2024, when a federal judge imposed a $125 million fine—far less than the SEC’s $2 billion demand—for unregistered securities sales to institutional investors.
- This ruling reinforced that XRP itself is not classified as a security for retail sales.
- However, the SEC filed an appeal in October 2024, challenging this decision.
- In a post on March 19, Garlinghouse announced that the SEC’s multi-year enforcement action against Ripple is nearing its conclusion.
This is it – the moment we’ve been waiting for. The SEC will drop its appeal – a resounding victory for Ripple, for crypto, every way you look at it.
The future is bright. Let’s build. pic.twitter.com/7WsD0C92Cm
— Brad Garlinghouse (@bgarlinghouse) March 19, 2025
Garlinghouse’s assertion of a potential SEC withdraw has ignited optimism among crypto enthusiasts, signaling a pivotal moment for XRP, alleviating the uncertainties that have clouded its path and enhancing investor confidence. Following this announcement, XRP’s price surged over 10%, hitting an intraday peak of $2.59.
Major Liquidations in Short Positions
The XRP rally has also been marked by substantial liquidations within the derivatives market:
- Over $11.96 million in short XRP positions were liquidated in just one hour, overshadowing $5.5 million in long liquidations.
- This forced bearish traders to close their positions, contributing to the upward momentum of XRP.
The scale of these liquidations is significant, echoing patterns observed on March 3, when $46 million in short XRP positions were wiped out, coinciding with a price increase from $2.17 to a four-week high of $3.02.
XRP Confirms a Bull-Flag Pattern
XRP has validated a bull-flag pattern on the four-hour chart after surpassing the upper boundary at $2.30, now testing resistance at $2.60:
- Should XRP break through $2.65, testing the psychological level of $2.70 may follow, potentially propelling the price higher.
- Analysts suggest a substantial upward move could see XRP revisit the $2.80 mark, indicating further bullish sentiment among traders.
It is essential to note the relative strength index (RSI), which has surged from 35 to 74 within this timeframe, signaling robust bullish momentum, although caution is warranted as the current conditions suggest a possible slowdown soon.
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.
