On Wednesday 29 March 2023, Bitcoin (BTC) demonstrated strength, disregarding the reverberations from the regulatory action against Binance to return above the essential $28,000 point.
XRP tokens saw a second consecutive day of growth, gaining 11% in the past 24 hours due to expectation that bitcoin and ether may be classified as commodities in the U.S. CFTC suit against Binance, which could mean XRP tokens would be labelled commodities too. This could potentially mean that Ripple would win the case against the SEC, which some traders may take as a bullish signal for XRP.
The prices of other cryptocurrencies surged as well. Ether gained 4% when Ethereum developers set the Shanghai (Shapella) update for April 14th. This upgrade will give ether stakers the chance to claim tokens for the first time and introduce other changes to the network, such as reduced transaction fees.
The ADA tokens of Cardano saw an 8% increase, with the BNB tokens regaining 1.9% of their losses this week and MATIC of Polygon soaring 7% due to the launch of its zero-knowledge Ethereum Virtual Machine. This may turn out to be one of the most popular trends in the blockchain world by 2023 according to Coindesk.
It is speculated that XRP may experience a decline in the near future, according to on-chain analysis.
Santiment’s on-chain analytics data, as reported by FxStreet, suggests that transactions that have the potential to make a profit have reached a 19-month peak, leading one to think that traders may be cashing out after the recent gains and causing XRP prices to decrease.
XRP holders are enjoying a 19-month high in terms of profit, according to Santiment’s data from FxStreet.