XRP Price Surge: Legal Clarity and Market Sentiment Drive Bullish Momentum

XRP has gained significant ground in the past 24 hours, up by 3% to trade at $2.45 on March 24. This marks the second consecutive day of gains for the cryptocurrency, which has also surged by 5% over the past week. Since hitting a local low of $1.89 on March 11, XRP has risen 31%, mirroring broader trends in the crypto market. You can view the current price and detailed data for XRP on CoinMarketCap's XRP page.

Broader Market Sentiment Fuels XRP’s Rally

XRP’s rise is part of a larger bullish movement across the cryptocurrency market, driven by a general improvement in market sentiment. Bitcoin (BTC), for example, posted a weekly close above $86,000 on March 23, and continued its positive momentum, trading around $87,300, up 2.3% on the day. Other major cryptocurrencies such as Ethereum (ETH), Solana (SOL), Dogecoin (DOGE), and Cardano (ADA) have also seen gains, underscoring the positive market mood.

The global crypto market capitalization increased by 2.85%, reaching $2.84 trillion at the time of writing. Over the past 30 days, the Fear and Greed Index has rebounded from "extreme fear" levels (a score of 10) to a more balanced 45, signaling a shift toward neutral sentiment. This growing optimism, coupled with a 54% increase in trading volume on March 24, reflects a renewed appetite for riskier assets, particularly altcoins like XRP.

SEC Appeal Drop Sparks Optimism for Legal Clarity

One of the most significant factors driving XRP’s price surge today is the growing sense of optimism surrounding its legal battle with the U.S. Securities and Exchange Commission (SEC). Ripple, the company behind XRP, has been embroiled in a lawsuit with the SEC since 2020, with the regulator accusing Ripple of selling XRP as an unregistered security. This legal uncertainty has weighed heavily on XRP’s price, leading to exchanges delisting the token and limiting its adoption.

However, the situation took a dramatic turn on March 19, 2025, when Ripple CEO Brad Garlinghouse announced that the SEC had decided to drop its appeal in the case. This development has been hailed as a victory for Ripple, providing greater certainty regarding XRP’s legal status. While the decision to drop the appeal does not establish a legal precedent, it has sparked hope that the cloud of regulatory uncertainty surrounding XRP may finally dissipate. This could lead to broader institutional adoption, as well as potential regulatory approval for a spot XRP Exchange-Traded Fund (ETF).

Ripple CEO Brad Garlinghouse emphasized that the case is effectively over, providing “a lot of certainty” for Ripple’s future. The legal clarity around XRP’s status as a non-security for retail sales aligns with previous court rulings, and market participants are optimistic about further positive regulatory developments. The industry is also hopeful that the stablecoin and crypto framework bills (such as the FIT 21 bill) may be passed by the end of this year, providing a more comprehensive regulatory framework for the entire industry.

Technical Analysis: XRP Flips Key Moving Averages

XRP’s price strength is also reflected in its technical indicators. On March 24, XRP successfully flipped the 50-day Simple Moving Average (SMA) at $2.52 into support, signaling a potential upward trajectory in the short term. The next key resistance level for XRP is the 100-day SMA at around $2.52. If XRP can overcome this barrier, it could test higher resistance levels at $2.80, the psychological level at $3.00, and ultimately the major resistance at $3.20.

A break above these levels, supported by strong trading volume, could set the stage for a retest of XRP’s seven-year high of $3.40, which was last reached on January 16. The Relative Strength Index (RSI) has crossed the midline into the positive territory, now sitting at 52, indicating increasing bullish momentum.

Popular technical analyst Dark Defender recently highlighted key levels to watch for XRP, noting that the support at $2.22 and resistance at $2.50 would be crucial in determining the token’s next move. According to Dark Defender, if XRP can stay above $2.50, it could be on track for a further rally, with Wave 5 of the monthly cycle pushing toward higher targets.

Looking Ahead

With a favorable combination of improving market sentiment, positive legal developments, and technical strength, XRP is poised for further gains in the short term. However, traders and investors should closely monitor key price levels and broader market conditions, as any shifts could impact XRP’s next move. With the SEC’s case now behind it, XRP appears to be on the cusp of a new era, one in which regulatory clarity could pave the way for even greater adoption and price appreciation.