• XRP price rose nearly 10% on Tuesday to highs above $0.50.
  • Ripple is gearing up for a court decision in its fight against the SEC amid XRP’s rising social dominance.
  • With the addition of support for the XRP/TUSD pair on Binance on March 29th, XRP price is rising amid rising volumes.

XRP’s price surged nearly 10% on Tuesday morning, surpassing $0.50, its highest level since early November. XRP price rose 32% last week.

XRP’s rise came as the broader crypto market had another weak day as the community digested recent news about major crypto exchange Binance.

As of 11:00 AM ET on March 28, the XRP token was trading at $0.5045. This is the highest price for the Ripple cryptocurrency, which dropped sharply from over 50 cents to a low of $0.33 on November 5, 2022.

XRP Price Outlook During Volume Spike

Today’s rally comes after a week of positive moves for XRP on hopes for the SEC v Ripple Labs case, with massive volumes returning to the top 10 cryptocurrencies.

Commodity Futures Trading Commission (CFTC) calls Bitcoin, Ethereum and Litecoin commodities in complaint against Binance It only served to fuel the feeling of being declared to be.

On Monday, Crypto Law founder and blockchain enthusiast John Deaton said: was suggested That XRP offers the best risk/reward ratio.

The judge’s ruling will be handed down in the next few weeks (probably this week). What’s the downside to .45 if the SEC wins? Ripple appeals and we get the status quo. Ripple Wins, Reveals XRP Isn’t A Security? Upside?”

This outlook for XRP has persisted over the past few days as trading volumes surged as the network experienced an upsurge in mainstream interest.

According to on-chain data platform Santiment, XRP’s breakout to a 50-week high coincides with a time when the social dominance of the XRP network reached a new year’s high. This only increases crowd awareness and suggests the cryptocurrency could rise further as volume spikes.

Binance’s announcement Supporting the XRP/TUSD pair from March 29, 2023 has also contributed to social chats that the XRP price looks set to hit new multi-month highs.

However, while the bulls may have a chance to rise above $0.50, a short-term drop is likely given the outcome of the SEC lawsuit and general market sentiment. If profit taking intensifies, a potential XRP retreat to his recent support of $0.36 is possible.

By Jules

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