Why is XRP price up today?

XRP (XRP) has gained for the second day in a row, up 3% to trade at $2.45 on March 24. 

XRP price is up 5% over the last seven days, rising 31% above its local low of $1.89 reached on March 11, as most crypto prices flashed green amid improving market sentiment.

Let’s look at the factors behind XRP’s bullishness today.

XRP rises in tandem with the crypto market

The bullish sentiment was not only exclusive to XRP as crypto prices also rose across the board, buoyed by Bitcoin’s weekly close above $86,000 on March 23.

Key points:

• Bitcoin (BTC) led the gains and was up 2.3% on the day to trade around $87,300.

• Ether (ETH) had gained more than 1.7% over the last 24 hours to trade just above $2,000. 

• Other top-cap cryptocurrencies such as Solana (SOL), Dogecoin (DOGE) and Cardano (ADA) also posted significant gains, as shown in the chart below.

• The global crypto market capitalization had increased by 2.85% to $2.84 trillion at the time of writing. 

• This performance is accompanied by a significant improvement in market sentiment over the last month.

• Over the past 30 days, the Fear and Greed Index has risen from a dismal 10, signaling “extreme fear,” to a more balanced 45, indicating a shift toward neutral territory.

• This rebound reflects growing confidence across the cryptocurrency market and renewed interest in altcoins.

• Increased trading volume (up 54% on March 24) and buyer activity today underscore this sentiment shift, pushing XRP’s price higher. 

• While not yet in “greed” territory, this improvement suggests the market is warming up, boosting XRP.

Expectations of legal clarity after SEC appeal drop

Perhaps the most significant catalyst for XRP’s price increase today is the positive impact of the SEC dropping its case against Ripple. 

This is it – the moment we’ve been waiting for. The SEC will drop its appeal – a resounding victory for Ripple, for crypto, every way you look at it.

The future is bright. Let’s build. pic.twitter.com/7WsD0C92Cm

— Brad Garlinghouse (@bgarlinghouse) March 19, 2025

• In the protracted lawsuit, which began in 2020, the US Securities and Exchange Commission (SEC) accused Ripple of selling XRP as an unregistered security. 

• This overhang suppressed XRP’s price and adoption for years as exchanges delisted the token.

• However, a pivotal development emerged when Ripple CEO Brad Garlinghouse announced on March 19, 2025, that the SEC intends to drop its appeal.

• This news, widely discussed across crypto communities, has sparked optimism that the cloud of regulatory uncertainty could finally lift. 

• Regulatory clarity would affirm XRP’s status as a non-security for retail sales—consistent with prior court rulings—and pave the way for broader institutional adoption and potential spot XRP ETF approval. 

• Ripple CEO Brad Garlinghouse said the decision “provides a lot of certainty for Ripple” and that the case is effectively over.

As reported by Cointelegraph, the SEC’s decision to drop the Ripple case provides no legal precedent, and the industry still has no legal framework it desires. 

Related: SEC’s XRP reversal marks crypto industry victory ahead of SOL futures ETF launch: Finance Redefined

However, the crypto community remains optimistic that the stablecoin bill and the crypto framework bill FIT 21 bill will be passed by the end of this year.

XRP price reclaims the 50 SMA

XRP price displays strength today after flipping the 50-day simple moving average (SMA) at $2.52 back into support.

Key levels to watch:

• The bulls now have their eyes set on breaking resistance at the 100-day SMA around $2.52.

• Key levels to watch above the 100-day SMA are $2.80, the psychological level at $3.00 and the major resistance at $3.20.

• Overcoming these barriers with increased volume could see XRP test its seven-year high of $3.40, reached on Jan. 16.

• The RSI has crossed the midline into the positive region, and its value at 52 suggests increasing bullish momentum.

On March 23, popular analyst Dark Defender said that the support at $2.22 and the resistance at $2.50 were the key levels to watch.

“This week, deciding whether to stay above or below these vital levels will be critical,” the analyst explained, adding:

“We are in monthly wave four, which will end with Wave 5 toward higher targets.”

This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.