XRP price increased over 4% following news of a potential end to SEC litigation, but some uncertainties remain.
XRP Price Increase
On Friday, March 21, XRP climbed 4% to $2.41 as traders focused on options where open interest is leading towards March 28 expiry. According to Deribit, this interest is due to investor confidence in XRP's potential strengthening.
SEC Announcement and Implications
The rapid rise followed Ripple CEO Brad Garlinghouse's announcement that the SEC may stop its appeal against the company. However, the commission's decision leaves some uncertainty as it still needs to vote on the matter.
Prospects and Market Expectations
While the lawsuit cancellation provided optimism, XRP still faces market uncertainty. Traders expect further price increases, but experts warn of potential risks. Notably, the key support level at $2.2653 could signal a reversal if breached. Garlinghouse also mentioned that an XRP ETF could be possible by late 2025, significantly affecting the market.
Recent events surrounding XRP provide the market with new opportunities, but also require cautious approaches due to ongoing risks and uncertainties. Future moves by the SEC and Ripple's initiatives could significantly impact the cryptocurrency's price.
