Explosive XRP Price Surge: Why is XRP Up Today After Ripple SEC Appeal News?
Is your crypto portfolio flashing green today? If you’re an XRP holder, you’re likely witnessing a spectacular surge! The XRP price has exploded, jumping by a significant 15% in the last 24 hours. But what’s fueling this dramatic upturn? Let’s dive into the key factors propelling XRP to these exciting new heights.
Why is the XRP Price Rallying Today? Decoding the Crypto Market Surge
The crypto market is buzzing with activity, and XRP is leading the charge. Currently trading at $2.55, XRP has bounced back remarkably, climbing 32% from its recent low of $1.89 on March 11. This impressive recovery mirrors a broader positive trend across the crypto landscape as investors eagerly anticipate insights from the Federal Open Market Committee minutes and a highly anticipated press conference by Federal Reserve Chair Jerome Powell. This positive market sentiment provides a fertile ground for assets like XRP to flourish.
XRP/USD daily chart
Source: Crypto News Insights/TradingView
However, the primary catalyst behind XRP’s exceptional performance today isn’t just the general market optimism. The real spark? A powerful announcement from Ripple’s CEO, Brad Garlinghouse.
Ripple CEO’s Garlinghouse Announcement: The Key Driver Behind the XRP Price Pump
Brad Garlinghouse, CEO of Ripple, dropped a bombshell that sent ripples (pun intended!) through the crypto community. He declared that the US Securities and Exchange Commission (SEC) is poised to drop its appeal against Ripple. This single statement has acted as a major propellant for the current XRP price surge.
Let’s recap the backstory:
- The SEC initiated its case against Ripple in December 2020, alleging unregistered securities sales.
- In August 2024, Ripple secured a partial victory. A federal judge imposed a $125 million fine – significantly less than the SEC’s initial $2 billion demand – specifically for sales to institutional investors.
- Crucially, the ruling affirmed that XRP itself is not a security for retail sales. This was a pivotal win for Ripple and the crypto industry.
- However, the SEC decided to appeal in October 2024, challenging the distinction between institutional and retail sales. This appeal has been a lingering uncertainty for XRP.
Then came Garlinghouse’s confident tweet on March 19, 2025:
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
Garlinghouse’s assertive declaration – “This is it – the moment we’ve been waiting for. The SEC will drop its appeal” – immediately sparked immense optimism. If this proves accurate, it signifies the removal of a major regulatory cloud that has overshadowed XRP for years, naturally boosting investor confidence. The immediate market reaction was telling: XRP price jumped over 10% within a single hour, reaching an intraday peak of $2.59. For XRP, which has long grappled with regulatory ambiguity, this news suggests a potentially game-changing shift.
Massive Short Squeeze: Over $11 Million in Short XRP Positions Liquidated
The crypto market rally in XRP today wasn’t just driven by positive sentiment; it was amplified by significant liquidations in the derivatives market. Let’s break down the key points:
Key Highlights:
- In just one hour, over $11.96 million worth of short XRP positions were liquidated.
- This dwarfs the $5.5 million in long liquidations during the same period.
- The mechanics of liquidations are crucial here: when short positions are liquidated, bearish traders are compelled to buy back XRP to cover their positions, further driving up the XRP price.
Total XRP liquidations
Source: CoinGlass
The scale of these liquidations is reminiscent of March 3rd, when a staggering $46 million in short XRP positions were wiped out, coinciding with a dramatic 39% price surge from $2.17 to a four-week high of $3.02 within the same day. This demonstrates the powerful impact of short squeezes on XRP’s price action.
Further reinforcing the bullish momentum is the recovery in XRP’s funding rate, according to CoinGlass data. 8-hour funding rates for XRP have climbed from -0.0077% on March 18th to 0.0018% on March 19th.
XRP funding rates performance
Source: CoinGlass
Rising funding rates are a strong indicator of increasing demand for long positions and heightened bullish interest among XRP traders. This confluence of factors – positive news, short liquidations, and rising funding rates – paints a decidedly bullish picture for XRP.
Related Article: XRP’s role in US Digital Asset Stockpile raises questions on token utility — Does it belong?
XRP Bull Flag Confirmation: Chart Pattern Points to Further Upside
From a technical analysis perspective, the XRP price action is equally compelling. XRP has confirmed a bullish flag pattern on the four-hour chart after decisively breaking above the flag’s upper boundary at $2.30. This chart pattern is often seen as a continuation pattern, suggesting that the prior uptrend is likely to resume.
Key Technical Levels to Watch:
- Immediate Resistance: XRP is currently testing the $2.60 resistance level, having established solid support at the bull flag’s apex.
- Upside Targets: Key levels to watch on the upside include the $2.65 range high (reached on March 6th) and the psychological barrier at $2.70.
- Breakout Potential: A high-volume breakout above these resistance levels could significantly accelerate XRP’s upward trajectory.
- Profit Target: Based on the bull flag pattern, the maximum profit target, calculated from the pole’s length, suggests XRP could potentially revisit the $2.80 level in the near term. This would represent an additional 10% climb from current levels.
XRP/USD four-hour chart
Source: Crypto News Insights/TradingView
The relative strength index (RSI) further supports the bullish narrative. It has surged from 35 to 74 over the past 24 hours, indicating strong and growing bullish momentum. However, it’s worth noting that an RSI value of 74 is approaching overbought territory, suggesting the current rally might soon experience a temporary slowdown as conditions become overheated.
Potential Pullback Scenarios:
- Support Level: A daily candlestick close below the $2.47 support level could trigger a short-term pullback.
- Downside Targets: In a pullback scenario, the initial target would be $2.40, followed by the bull flag’s upper boundary at $2.30.
Disclaimer: This article does not provide investment advice. Cryptocurrency investments are inherently risky. Conduct thorough research and consult with a financial advisor before making any investment decisions.
#Cryptocurrencies #Altcoin #Ripple #SEC #XRP #Markets #ETF
Editor’s Choice
- Hive doubles down on BTC hodl strategy amid miner equity dilution, debt reliance
- SEC will drop its appeal against Ripple, CEO Garlinghouse says
- Classic Sega, Atari and Nintendo games get crypto makeovers: Web3 Gamer
- Bitcoin risks new ‘death cross’ as BTC price tackles $84K resistance
- The case against Pavel Durov and why it’s important for crypto
In Conclusion: Is the XRP Price Surge Sustainable?
The XRP price is undeniably experiencing a powerful surge today, fueled by Ripple CEO Brad Garlinghouse’s optimistic announcement regarding the SEC appeal and reinforced by technical indicators like the XRP bull flag pattern and significant short liquidations. The positive crypto market rally provides additional tailwinds. While the RSI suggests potential short-term cooling, the overall sentiment surrounding XRP is undeniably bullish. Whether this surge is sustainable in the long term remains to be seen, but for now, XRP holders are enjoying a thrilling ride. Keep a close eye on further developments in the Ripple-SEC saga and broader market trends to navigate this exciting period in XRP’s journey.
