XRP Soars 43% in March, Ripple CEO Challenges SEC

Key Points:

• XRP retests the $0.50 zone. 
• It has recently climbed as high as $0.58 and soared 43% in March. 
• Ripple CEO Brad Garlinghouse is aiming to be the SEC chairman. 

XRP decided to retest the $0.50 zone after rising as high as $0.58 on a trading volume of $4 billion. Now it is attempting another breakout, climbing above the $0.52 range. Weekend trading volume has been modest.  

XRP has been trading independently of bitcoin lately and has taken a leadership role in the broader crypto markets. XRP has gained 15% in the past week while the bitcoin price has been flat. For March, the XRP price soared 43%. 

Despite some profit-taking, traders do not expect XRP to dip below $0.50 after it recently sailed through this strong support level on solid momentum.  Crypto bulls must hold the line until the No. 6 crypto reclaims some lost ground. 

Image by TradingView 

SEC Case Could Drag On

Investors are waiting for the outcome of the SEC vs. Ripple case and some are growing restless. However, they may need to be patient. Legal expert John Deaton has reminded the crypto community that the judge faces no deadline to make a ruling, and a decision could be anywhere from hours to a couple of months away. 

Ripple Chief Comes Out Swinging 

Ripple CEO Brad Garlinghouse has grown weary of the SEC’s antics. In a Twitter thread, he aimed at SEC Chairman Gary Gensler, questioning his right to determine what constitutes security over the legislation, calling this abuse of power “beyond comprehension.” Garlinghouse accused Gensler of “behaving like an autocrat,” saying, “Without clear jurisdiction, ambiguity masquerades as power.” 

Meanwhile, now that the crypto exchange Coinbase is also under fire from the SEC, the XRP army is waiting for the crypto exchange to see the light on XRP. Many XRP fans are challenging Coinbase to relist their favorite crypto, especially the exchange’s attorney. 

Coinbase Chief Legal Officer Paul Grewal seems to agree with Deaton’s legal analysis that neither cryptocurrencies nor their code fits the definition of securities.