Ripple’s XRP Rockets 20% Overnight

XRP, Ripple XRPLedger’s native token, saw a substantial overnight run attempting to hit its bullish target of $0.50 but ultimately fell short, reaching a high of $0.49.

XRP broke away from the general crypto market, recording massive gains and reaching its highest levels since November 2022. XRP, the native token of cross-border payment settlement firm Ripple’s XRPLedger, witnessed an incredible surge on Tuesday, breaking into a solo rally which yielded overnight gains of over 20%.

XRP Rides the Wave of Fed Hikes and Banking Failures

In response to the voluntary liquidation of Silvergate Bank and Silicon Valley Bank’s (SVB) collapse, crypto investors have become bullish on Bitcoin and altcoins. As one of the most prominent altcoins by market cap, XRP’s price surged on the back of the recent U.S. banking crisis and the anticipation of an interest rate hike by the U.S. Federal Reserve. The Fed’s consequent decision to inject liquidity into the economy and protect banks from collapse has been the catalyst to drive investors toward decentralization and cryptocurrencies.

XRP is currently trading at $0.44, representing gains of over 20% in the past 24 hours and 16% on the weekly chart.

Bullish Sentiment Surrounding SEC Case

XRP has also responded to recent developments in its case involving the United States Securities and Exchange Commission (SEC). Analysts claim that investors have become more confident in the case’s outcome after a Letter Notice of Supplemental Authority was filed by the defendants in the case.

Attorney James Filian revealed in a tweet on March 20 that the defendants in the case sought to support their fair notice defense by referencing a separate legal case where Judge Michael Wiles of the U.S. Bankruptcy Court for the Southern District of New York rejected the SEC’s argument, ruling that it was too vague.

The SEC objected to Binance.US’s bid to acquire Voyager Digital’s assets which included an asset known as VGX. The agency claimed that Voyager was an unregistered securities exchange and VGX has “aspects o

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Author: Jana Serfontein

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