Bitcoin (BTC) displayed indications of resiliency on Wednesday, recovering over the crucial $28,000 barrier after shaking off regulatory action against cryptocurrency exchange Binance.
Tokens for XRP increased for a second day in a row, rising 11% in the previous day. They were encouraged by rumors that ether (ETH) and bitcoin (BTC) will be classified as commodities in the United States. The CFTC's lawsuit against Binance may result in the classification of XRP tokens as commodities as well. The U.S. could suffer from that. Case against Ripple brought by the Securities and Exchange Commission (SEC), which claims the tokens are securities. If Ripple is classified as a commodity, this might suggest that Ripple wins the legal battle, which some traders might view favorably for XRP.
Moreover, other tokens rose. The Shapella update, a fundamental release, was announced for April 14, Ether increased 4%. Together with other network enhancements like reduced transaction fees, the upgrade will make it possible for ether stakers to withdraw tokens for the first time.
In response to the launch of its zero-knowledge Ethereum Virtual Machine, which might become one of the hottest blockchain trends of 2023, Polygon's MATIC gained 7%, Cardano's ADA rose 8%, bnb tokens (BNB) regained 1.9%, wiping out some of this week's losses, and the BNB recovered 1.9%. Yet, some on-chain data indicates that XRP could decline in the upcoming days.
Transactions "in profit" have risen to a 19-month high, as shown by data from the on-chain analytics platform Santiment, which suggests that traders may be looking to lock in recent profits and contribute to declining prices.
Price-chart analysts predict that might cause XRP prices to go from the current 54 cent level to resistance at 40 cents.
