Amid the growing hype around XRP, the digital currency saw a massive spike in the total number of transactions settled onchain on March 19, suggesting renewed bullish adoption trend.
On-chain data shows that XRP hit 2.77 million transactions executed on March 19. This development suggests massive interaction and network usage in recent times. This signal is generally considered bullish and a confidence booster for investors.
Legal Clarity and Institutional Adoption Drive XRP Market Optimism
Crypto analysts argue that XRP’s resilience in the sector could witness further positives with this increased adoption impacting price. XRP has found support above the $2 level in the last 30 days, trading above the level despite the market downturn.
However, XRP’s technical indicators show the asset in a descending wedge and confined between the 50 EMA and 100 EMA. Experts consider the closing wedge an unclear signal for XRP, as a breakout could occur in either direction as a result of increased on-chain action.
According to CoinMarketCap data, XRP has increased by 0.94% to trade at $2.40 as of this writing. However, CRP’s trading volume has not enjoyed a similar movement, as it has declined by 3.62% to $1.93 billion in the last 24 hours.
Market observers consider this dip in trading volume to have occurred as XRP investors pull back cautiously to monitor the asset’s trajectory. This could affect XRP’s ability to retest the $3 level market participants eagerly anticipate.
Notably, XRP users are optimistic that the Securities and Exchange Commission (SEC) deciding to end its legal battle will increase the coin’s value. This expectation flows from the over 11% leap in value that XRP recorded when the announcement first hit the crypto market.
Could XRP Retest Its All-Time High?
Earlier in the beginning of the year, Jake Claver, a respected financial expert, opined that 2025 could turn into a bullish year for XRP. He hinged his prediction on the increasing utility of XRP, which suggests that the price could move upward.
Interestingly, XRP is gaining wider acceptance among financial service providers in cross-border payments. Additionally, there has been increased trust in XRP as Ripple Labs enter into strategic partnerships with renowned financial organizations.
Meanwhile, some users have speculated that with the legal battle between Ripple and the SEC over, the XRP exchange-traded fund (ETF) could receive a regulatory nod. Several asset managers, including 21Shares, Bitwise, and Canary Capital, have filed for applications with the SEC.
The growing optimism about regulatory approval also flows from the pro-crypto stance adopted by the Trump administration. Recently, President Trump made an appearance at the Digital Asset Summit held in New York, where he delivered a speech. Many considered this a bullish move for crypto as it marks the first by a sitting U.S. president.
With these bullish sentiments on the crypto horizon, analysts anticipate XRP could ride on them to flip its all-time high (ATH) record of $3.84, set seven years ago.
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