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Bitcoin Regains $28K; XRP Surges for a Second Day
Classifying XRP as a commodity could mean Ripple wins its case against the SEC, which some traders may consider bullish for the token.
Updated Mar 29, 2023, 3:00 p.m. Published Mar 29, 2023, 7:58 a.m. 2 min read
Bitcoin showed signs of resilience Wednesday, shedding tremors from regulatory action against crypto exchange Binance to recover above the key $28,000 level.
XRP tokens jumped for a second straight day, adding 11% in the past 24 hours. They were buoyed by speculation that the classification of bitcoin and ether (ETH) as commodities in the U.S. Commodity Futures Trading Commission (CFTC) suit against Binance might mean XRP tokens are classified as commodities as well. That might hurt the U.S. Securities and Exchange Commission (SEC) case against Ripple claiming the tokens are securities. Classification as a commodity could mean Ripple wins the case – which some traders may consider bullish for XRP.
Other tokens also rallied. Ether rose 4% as Ethereum developers confirmed the Shanghai (Shapella) upgrade, a fundamental release, for April 14. The upgrade will allow ether stakers to withdraw tokens for the first time, among other network improvements such as improved transactional fees.
Cardano's ADA jumped 8%, bnb tokens recovered 1.9%, erasing some of this week's losses and Polygon's MATIC gained 7% on the introduction of its zero-knowledge Ethereum Virtual Machine in what may become one of 2023’s hottest blockchain trends.
XRP, however, may dip in coming days, some on-chain analysis suggests.
Data from on-chain analytics tool Santiment cited by FxStreet shows that transactions “in profit” have reached a 19-month high, suggesting traders could lock in recent gains and contribute to falling prices.
That could push XRP prices from the current 54 cents level to resistance at 40 cents, price-chart analysts suggest.
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Ether drops below $2,000 amid heavy selling pressure, yet futures open interest hits a record high. This divergences suggests aggressive shorting.
What to know:
- Ether has fallen below $2,000 for the first time since March amid rising risk aversion, with losses of nearly 8% over the past week.
- Open interest in ether futures has hit a record high even as prices drop, a combination that suggests aggressive leveraged selling and a bearish market tilt.
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