XRP Financial News

March is here, spring is upon us, and the situation in the crypto market is also becoming brighter compared to what it had been during the winter months.

Bitcoin price broke the main USD 40,000 resistance to start a strong uptrend. It is currently (04:02 UTC) trading near USD 43,200 after briefly spiking to almost USD 44,200. 

Bitcoin (BTC) soared above $40,000 on Feb. 28 even though the S&P 500 remained soft. This suggests that the correlation between Bitcoin and the U.S. equity markets may be showing the first signs of decoupling. If bulls sustain the price above $38,500 till the end of the day, Bitcoin would avoid four successive months of decline.

Bitcoin price made a few attempts to clear the USD 39,000 resistance but corrected lower and is now (13:53 UTC) trading near USD 38,000.

Bitcoin price gained pace for a move above the 38,500 resistance zone. BTC attempted an upside break above USD 39,500 and USD 40,000 but corrected lower as Russia’s president Vladimir Putin put Russia's nuclear deterrent on high alert on Sunday in the face of a barrage of Western reprisals for his war on Ukraine. 

Disclaimer: The findings of the following analysis are the sole opinions of the writer and should not be considered investment advice

Ripple supporters have grown confident about winning as the ongoing lawsuit continues to make headlines even after 13 months. The effects of the same are visible on the network. Despite a tense market structure, activity hasn’t come down.

The ongoing feud between theSecurities and Exchange Commission and the fintech firm, Ripple continues to make headlines. On 25 February, the SEC filed its opposition to Brad Garlinghouse’s Motion to Compel turnover of notes taken by Matthew Estabrook, counsel to former Commissioner Roisman.

The U.S. equity markets and Bitcoin (BTC) have rebounded sharply from their Feb. 24 lows while gold has made a retreat from its recent highs. This indicates that investors may be buying risky assets and reducing exposure to assets perceived as a safe haven.

Bitcoin price started a strong upward move above the USD 36,500 and USD 37,000 levels. BTC even rallied above USD 38,000, but faced sellers near USD 39,500. It is currently (11:25 UTC) consolidating gains near USD 38,500 and is up almost 10% in a day. 

After testing the USD 34,500 yesterday, bitcoin price jumped 12% and is now (04:18 UTC) trading above USD 38,900.

Russia’s invasion of Ukraine has sparked a sharp selloff in bitcoin. BTC declined below the USD 35,000 level and is currently (11:50 UTC) trying to recover losses once again.

The whole crypto market once again followed the stock market and tumbled on Thursday as Russia's president Vladimir Putin ordered a “special military operation” to protect the people of the Donbas separatist region in Ukraine, but said Russia will “aim for demilitarization and denazification of Ukraine,” per Bloomberg. It is estimated that Putin had massed 150,000 troops on the border. In a speech on Thursday, Putin appealed to Ukrainian soldiers to lay down their arms and go home. He said Russia doesn’t plan to “occupy” its southern neighbor, but that Russia must “defend itself from those who took Ukraine hostage” -- the US and its allies who had crossed Russia’s “red line” with expansion of the NATO alliance, per the report. 

There was an argument to be made that an XRP fractal could push the price past the $1 mark, as the coin went appeared to be in an accumulation phase on lower timeframe charts. On the longer timeframes, there were multiple levels of strong resistance to the upside for XRP bulls to overcome. In particular, the $0.76-$0.8 area could pose stiff resistance. If the price could push above this area, XRP bulls could drive prices higher in the weeks to come.

Bitcoin (BTC) and several altcoins have bounced off their immediate support levels after buyers attempted to arrest the current decline. Bloomberg Senior Commodity Strategist Mike McGlone highlighted in a recent Tweet that Bitcoin was trading roughly 20% below its 50-week moving average and such discounted levels have “often resulted in good price support.”

Bitcoin price gained pace above the USD 37,000 level and was able to clear the USD 38,500 resistance. It is currently (11:59 UTC) showing positive signs near USD 38,900 and might rise to USD 39,500.

Cryptocurrency exchange Foxbit operating in Brazil, which is trading Bitcoin, Ether, Litecoin, TrueUSD and XRP etc, has announced that it has raised $21 million in a Series A round led by OK Group, owner of cryptocurrency exchange Okcoin.

A former executive from the Securities and Exchange Commission believes the regulator has a good chance of losing its $1.3 billion lawsuit against Ripple “on the merits” of the case.

Bitcoin price started an upside correction above the USD 37,000 level. BTC even climbed above the USD 38,300 level, but it failed to gain strength and is currently (04:14 UTC) trimming gains near USD 37,900. In either case, it’s up 3% in a day.

Ever since the US Securities and Exchange Commission sued Ripple Labs over selling unregistered securities in the form of their cryptocurrency XRP, the financial community has remained divided over the credibility of the watchdog’s allegations. The case has since 2020 seen a number of twists and turns, even as any substantial rulings over the same are yet to be made.

Bitcoin price attempted a recovery wave above USD 38,000. However, BTC failed to surpass the USD 39,500 resistance level and is currently (04:22 UTC) trading near USD 36,700, dropping 6% in a day and reaching almost three-weeks lows.