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- Currently, XRP bulls are acting on the 200 weekly moving average (MA), which has served as a resistance level since June last year.
- XRP currently accounts for 33 percent of the total trading volume on South Korea’s largest exchange, Upbit.
In the wake of heightened cryptocurrency regulatory crackdowns from the United States agencies, the XRP market has proved its global dominance. According to the latest crypto market data, XRP price gained over 7 percent in the past 24 hours to trade at $0.484. However, Bitcoin (BTC), Ethereum (ETH), and BNB dropped during the same period.
According to a report by market intelligence platform Santiment, the XRP market saw a sharp uptick in social dominance compared to other top digital assets. Santiment noted that the recent price bump towards $0.49 has increased the XRP’s social discussions to the highest point in the past year.
👀 #XRPNetwork‘s social dominance is at its highest point in a year following the surge above $0.49 for the first time since Nov. 6. Added $XRP crowd recognition means more volatile price swings caused by increased volume & mainstream interest. https://t.co/bMT66JTwmT pic.twitter.com/pUIWe9vGKu
— Santiment (@santimentfeed) March 27, 2023
Most often, an increase in crypto social dominance creates a new wave of FOMO traders, thus putting the bulls in higher control. Moreover, XRP recently broke out of a multi-month logarithmic downtrend.
Currently, XRP bulls are acting on the 200 weekly moving average (MA), which has served as a resistance level since June last year.
XRP Market Outlook Amid the SEC lawsuit
The XRP market is heavily bolstered by Ripple’s global market intrusion. Furthermore, Ripple has publicly indicated that it would not be profitable without XRP sales. Additionally, the company’s RippleNet and On-Deman Liquidity (ODL) significantly rely on the XRP market to be successful. As a result, the ongoing Ripple vs SEC lawsuit is a huge impediment to the success of the XRP market.
Nonetheless, lawyers closely following the Ripple vs SEC lawsuit anticipate Judge Torres will issue a ruling within the next few weeks. As a result, John Deaton, the founder of Crypto-law.us, insisted that XRP has an attractive risk-to-reward ratio.
XRP has the most attractive risk/reward ratio IMO. The Judge’s ruling is coming down w/in the next few weeks (maybe this week). If the SEC wins, what’s the downside from .45? Ripple appeals and we get the status quo. Ripple wins and its made clear XRP isn’t a security? Upside? 🤔
— John E Deaton (@JohnEDeaton1) March 26, 2023
Meanwhile, according to market data from Binance-backed CoinMarketCap, XRP currently accounts for 33 percent of the total trading volume on South Korea’s largest exchange, Upbit. Notably, Ripple has made a significant entrance into the South Korean market, with several partnerships already inked in recent years. For instance, Ripple announced significant customer momentum in South Korea by adding Sentbe, Hanpass, and WireBarley to the RippleNet network.
The South Korean market has proved to be a resourceful standpoint for Ripple in the Asia-Pacific cross-border payment block.
As of Tuesday, Ripple’s XRP enjoyed a market capitalization of approximately $25 billion and a 24-hour trading volume of about $3.7 billion.
Nonetheless, the XRP market is down approximately 86 percent from its ATH, around $3.4, achieved about five years ago.
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Despite the outcome of the ongoing lawsuit, the XRPL developers continue to build the network to onboard more Web3 projects.
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