Investing.com | Editor Rachael Rajan
Published Oct 31, 2023 05:04PM ET
Riding on a wave of positive market sentiment, XRP, the digital token associated with Ripple, has surged past the crucial $0.6 resistance level, marking a 6% growth within a 24-hour period. This uptick has brought XRP back to its mid-August trading levels.
The cryptocurrency is on track to conclude October with a 15.27% rise, outperforming the monthly growth figures of other popular digital currencies such as Litecoin and Stellar. This surge has been fueled by several key developments, including the rejection of an appeal request by the U.S. Securities and Exchange Commission (SEC) and the conclusion of a lawsuit implicating Brad Garlinghouse and Chris Larsen in promoting unregistered XRP securities sales.
These legal victories have provided much-needed legal clarity for XRP, paving the way for both U.S.-based and international expansions. The bullish trend for XRP appears to be undeterred by bearish indicators.
Market sentiment has been further bolstered by the buzz surrounding BlackRock (NYSE:BLK)’s Bitcoin ETF approval by the U.S. SEC. This development, coupled with a substantial triple-digit increase in trading volume to $2.2 billion, has invigorated XRP’s rally.
Analysts project that if Bitcoin soars due to ETFs, altcoins like XRP are likely to follow suit. The recent events have acted as catalysts for XRP’s growth, indicating a potential for sustained momentum in the coming weeks.
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Written By: Investing.com