Factors Driving Today’s Surge in XRP Prices

XRP (XRP) has seen an increase for the second consecutive day, rising by 3% to hover around $2.45 on March 24. 

The price of XRP has surged 5% over the previous week, climbing 31% above its recent low of $1.89 reached on March 11, as the majority of cryptocurrency values turned positive amid enhancing market sentiment.

Let’s explore the elements contributing to XRP’s positive momentum today.

XRP surges along with the crypto market

The favorable sentiment was not limited to XRP, as cryptocurrency values across the spectrum also increased, supported by Bitcoin’s weekly close surpassing $86,000 on March 23.

Key observations:

• Bitcoin (BTC) led the upswing, increasing by 2.3% on the day to about $87,300.

• Ether (ETH) experienced a rise of more than 1.7% over the past 24 hours, trading just above $2,000. 

• Other leading cryptocurrencies such as Solana (SOL), Dogecoin (DOGE), and Cardano (ADA) also demonstrated notable increases, as depicted in the chart below.

• The overall crypto market capitalization expanded by 2.85% to reach $2.84 trillion at the moment of writing. 

• This performance coincides with a considerable enhancement in market sentiment over the past month.

• In the last 30 days, the Fear and Greed Index has climbed from a lowly 10, indicating “extreme fear,” to a more favorable 45, reflecting a transition toward neutral grounds.

• This recovery signifies an increasing confidence throughout the cryptocurrency landscape and a renewed interest in altcoins.

• Heightened trading volume (up 54% on March 24) and buyer activity today highlight this shift in sentiment, helping to elevate XRP’s price further. 

• Although it has not entered “greed” territory yet, this progress implies the market is beginning to warm up, benefitting XRP.

Anticipations of legal clarity following SEC’s appeal withdrawal

A key driver for XRP’s price elevation today is likely the positive ramifications of the SEC dismissing its case against Ripple. 

This is it – the moment we’ve been anticipating. The SEC will abandon its appeal – a definitive triumph for Ripple, for crypto, in every aspect.

The future appears promising. Let’s build. pic.twitter.com/7WsD0C92Cm

— Brad Garlinghouse (@bgarlinghouse) March 19, 2025

• In the lengthy lawsuit that started in 2020, the US Securities and Exchange Commission (SEC) charged Ripple with selling XRP as an unregistered security. 

• This overhang hindered XRP’s value and adoption for years, as exchanges delisted the currency.

• However, a crucial development arose when Ripple CEO Brad Garlinghouse declared on March 19, 2025, that the SEC plans to withdraw its appeal.

• This information, widely shared in crypto circles, has ignited optimism that the veil of regulatory uncertainty may finally be lifted. 

• Regulatory clarity would affirm XRP’s classification as a non-security for retail transactions—aligning with past court decisions—and facilitate broader institutional acceptance and potential approval for a spot XRP ETF. 

• Ripple CEO Brad Garlinghouse stated that this decision “provides a lot of certainty for Ripple” and that the case is virtually concluded.

As noted by Cointelegraph, the SEC’s choice to drop the Ripple case sets no legal precedent, and the industry still lacks the legal framework it seeks. 

Related: SEC’s XRP reversal indicates a victory for the crypto industry ahead of SOL futures ETF launch: Finance Redefined

Nonetheless, the crypto community holds a favorable outlook that the stablecoin bill and the proposed crypto framework FIT 21 bill will be passed by the end of this year.

XRP price reclaims the 50 SMA

XRP’s price demonstrates resilience today after reversing the 50-day simple moving average (SMA) at $2.52 back into support.

Key levels to monitor:

• The bulls now possess theireyes focused on surpassing resistance at the 100-day SMA around $2.52.

• Essential levels to observe above the 100-day SMA include $2.80, the psychological barrier at $3.00, and the significant resistance at $3.20.

• Surmounting these obstacles with amplified volume could enable XRP to challenge its seven-year peak of $3.40, attained on Jan. 16.

• The RSI has transitioned across the midpoint into the positive zone, and its current value of 52 indicates growing bullish momentum.

On March 23, well-known analyst Dark Defender stated that the support level at $2.22 and the resistance level at $2.50 were crucial points to monitor.

“This week will be essential in determining if we remain above or below these critical thresholds,” the analyst elaborated, adding:

“We are currently in monthly wave four, which will conclude with Wave 5 targeting higher objectives.”

This article does not offer financial advice or recommendations. Each investment and trading action carries risks, and readers ought to perform their own research before making any decisions.