In the past 24-hours, the performance of XRP has been exceptional. Even the biggest rivals of the troubled cryptocurrency were no match for its recent gains.
XRP Price Hit a 10-Month High
The rivals and even the XRP community members were in a state of shock as they saw the trading price of XRP shoot to a very high level.
According to the statistics, the trading price of XRP managed to hit a 10-month high level in the latest session. This is quite remarkable for the entire cryptocurrency industry, especially for XRP enthusiasts.
It was on March 29, when a strong rally was witnessed that pushed the trading price of the asset to a 10-month high level.
XRP reportedly experienced a rally was almost 15%. As a result of the strong push, the trading price of XRP managed to get pushed to a high of $0.58 per XRP.
This is the highest level that the trading price of the asset has hit in the past 10 months. Given the current market condition, the sudden push in the trading price of XRP is of great significance to the asset.
Bitcoin and Ether were Beaten
As a result of the recent rally, XRP even managed to defeat its major rivals such as Bitcoin and Ether.
In the same period, the trading price of Bitcoin recorded a 4.5% surge while the trading price of Ethereum surged 2.75%. Compared to their rallies, XRP’s performance has been exceptional in the past 24-hours.
CFTC Decision Caused the Rally for XRP
The Commodity Futures Trading Commission (CFTC) recently went against the largest crypto exchange pertaining to the cryptocurrencies it has been offering.
During the hearing at the court, the CFTC pointed out that cryptocurrencies such as Litecoin, Ether, and Bitcoin are all commodities.
Although the XRP communities were afraid that the CFTC would name XRP a commodity as well, they did not. This helped bring back the confidence of the investors in the asset, thus, resulting in a major boost.
Due to the strong momentum and support from the buyers, the trading price of XRP started to get pushed higher.
On the other hand, the XRP community is hoping that the court will conclude the case soon. When it happens, the verdict will be in favor of Ripple Labs, which would mean a victory for the asset.
This would result in pushing the price of the asset much higher than what it is at the moment. From the start of the month until now, the trading price of XRP has rallied by 45%, which is a good sign for the asset.
Despite the recent strong push, analysts are expecting that the price of XRP may correct by 35%. However, if the court verdict falls in favor of Ripple Labs, then the correction can be avoided.
This would mean a stronger push for the trading price of the asset in the future.