At a time when most assets are printing massive losses, XRP is up 25% in the past 7 days.
XRP defies the bearish turbulence observed within the market due to the CFTC lawsuit against Binance. While most crypto assets are witnessing massive losses, XRP is up 25% in the past 7 days as its goal to reclaim $0.50 remains on track. The persistent rally has been fueled by sustained optimism in the legal case between Ripple and the SEC.
On Monday, the U.S. Commodity Futures Trading Commission (CFTC) officially filed charges against Binance CEO Changpeng “CZ” Zhao and three other Binance-affiliated entities for violating commodities regulations and the evasion of compliance controls. To enforce control, the CFTC branded assets such as BTC, ETH, LTC, USDT, and BUSD as commodities.
The crypto market reacted terribly to the disclosure, given Binance’s position as the world’s largest crypto exchange by trade volume. Due to exhaustion in their latest rallies, BTC, ETH, and BNB are currently down 2.45%, 1.26%, and 5.18%, respectively in the past 24 hours. Other assets have followed suit.
Notwithstanding this bearish turn of events, XRP remains unfazed. The asset is currently up 6.83% in the past 24 hours. It is presently the highest-gaining asset among the top 70 cryptocurrencies within the past 7 days and the last 24 hours.
XRP’s recent rally started last Tuesday when the asset traded at the $0.3746 price level. The rally began after circulating speculation of a looming judgment on the SEC’s litigation against Ripple. Optimism within the Ripple camp saw a rejuvenation following Ripple’s notice of supplementary authority filed to Judge Analisa Torres.
XRP Targets $0.50
These developments fueled XRP’s rally, leading to a rapid surge in its value. The asset has gained by 29.7% since March 21, with its uptrend showing no signs of slowing down despite the recent events. XRP is currently targeting the $0.50 price level in its current rally.
Efforts at recapturing the price territory have been consistently met with opposition from the bears. Last Tuesday, XRP hit $0.4914, its highest price this year and in the past four months. However, upon recapturing the $0.49 zone, the asset faced a massive hurdle, bringing it back below $0.38.
XRP immediately staged a comeback and has remained upward since then. The asset is changing hands at $0.4871 as of press time, looking to overcome the primary resistance point at $0.4976.
Disclaimer: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic’s opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
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