XRP price tags 10-month high — Can a 35% pullback be avoided?

XRP ( $0.00 ) ( XRP ( $0.00 ) ) outperformed its top-ranking crypto rivals over the past 24 hours while reaching the highest price in 10 months. 

XRP ( $0.00 ) price tags 10-month high

On March 29, XRP ( $0.00 ) ’s price surged by nearly 15% to $0.58, its highest level in ten months, outperforming Bitcoin ( $76,792.00 ) (BTC) and Ether (ETH) in the past 24 hours that rose around 4.5% and 2.75%, respectively.

The Commodity Futures Trading Commission (CFTC) referred to Bitcoin ( $76,792.00 ) , Ether, and Litecoin ( $0.00 ) (LTC) as “commodities” in its court filing against Binance. While the U.S. regulatory didn’t name XRP ( $0.00 ) , many assumed the token would be categorized as a commodity.

Related: Here’s why CFTC suing Binance is a bigger deal than an SEC enforcement

The lawsuit will likely conclude by the end of March, with legal experts believing Ripple has a chance to win. XRP ( $0.00 ) price has rallied 45% month-to-date on similar hopes, including the March 29 price rally, supplemented further by investors’ optimistic interpretation of the CFTC court filing.

$0.00 ) ?src=hash&ref_src=twsrc%5Etfw"># XRP ( $0.00 ) bucks the market trend with 8% surge to a 5 month high of under $0.50#CFTC‘s #Binance filing could classify $0.00 ) &src=ctag&ref_src=twsrc%5Etfw">$ XRP ( $0.00 ) as a commodity instead of a security as alleged by #SEC in #Ripple vs SEC case@Ripple‘s CTO argument gains traction and XRP ( $0.00 ) price impacted by case progression pic.twitter.com/eFB28Ehmj0

— LaCryptoLycus (@CryptoLycus) March 28, 2023

35% XRP ( $0.00 ) price correction ahead?

XRP ( $0.00 ) ’s price rally brought it closer to the breakout target of $0.60. However, the possibility of a big correction after the SEC vs. Ripple ruling as a “sell the news” event remains.

Related: Why is XRP ( $0.00 ) price up today?

Technical indicators also show the XRP ( $0.00 ) /USD pair facing the upper trendline of its prevailing rising channel. Thus, a correction toward the lower trendline is now in play, with the downside price target around $0.38 in April, down 35% from current price levels. 

On a broader timeframe, the rising channel appears like a bear flag, a bearish continuation technical indicator.

The completion of the flag pattern could see XRP ( $0.00 ) price falling to $0.189 by June, down over 65% from current price levels

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.