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XRP is topping the crypto charts outperforming all other major cryptocurrencies. The price finally hit its very bullish target of $0.50 while the rest of the market takes a tumble in response to the CFTC’s lawsuit against the CEO of Binance.
XRP is trading at its highest level in the past five months despite the crypto market taking a knock in response to a lawsuit filed by the Commodity Futures Trading Commission (CFTC) against Changpeng Zhao, the CEO of crypto exchange Binance. The CFTC has accused Zhao of insider trading and evading KYC regulations. Zhao responded to the allegations by calling the suit “unexpected and disappointing” and denied any wrongdoing on his or Binance’s part.
At the time of writing, XRP was trading at $0.50, according to data from CoinMarketCap, representing a 25% rise over the past week.
Popular crypto influencer David Gokhshtein was one of the first to notice XRP’s breakout, tweeting:
The entire market dumped on the news except for $XRP.— David Gokhshtein ®ï¸ (@davidgokhshtein) March 27, 2023
Cointelegraph reports that XRP whales have been steadily accumulating since February as only days remain until the SEC vs Ripple lawsuit could produce an outcome. Crypto lawyer John Deaton took to Twitter to share his take on the controversial lawsuit. Deaton opined that XRP has by far the most 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? ð¤— John E Deaton (@JohnEDeaton1) March 26, 2023
The influential crypto attorney added that a ruling from presiding Judge Analisa Torres of the United States Southern District Court of New York is imminent and could be expected by the end of this week.
Optimism Spreads Around SEC vs Ripple Outcome
XRP made waves last week when it went the coin went up by 20% overnight on the back of Fed hikes and recent banking failures. Ripple’s native token also responded to recent developments in its case involving the SEC. Analysts claim that investors have become more confident in the outcome after the defendants filed a Letter Notice of Supplemental Authority.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.