XRP tokens rose for the second day in a row, adding 11% in the past 24 hours. They were fueled by speculation that XRP tokens are also classified as commodities, as Bitcoin and Ether (ETH) are classified as commodities in the US Commodity Futures Trading Commission (CFTC) case against Finance. This could affect the US Securities and Exchange Commission’s (SEC) case against Ripple, which claims the tokens are securities. Classification as a commodity wins Ripple’s case – something some traders might consider suitable for XRP.
Other tokens also piled up. Ether rose 4% as Ethereum developers confirmed the April 14th base release Shapella update. The upgrade will allow Ether stakers to withdraw tokens for the first time, along with other network improvements such as improved transaction fees.
Cardano’s ADA rose 8%, bnb tokens (BNB) recovered 1.9%, erasing some of this week’s losses, and Polygon’s MATIC gained 7% on the launch of its zero-knowledge Ethereum virtual machine.
XRP, however, may drop in the coming days, some on-chain analysis suggests.
Information Cited by FxStreet, Santiment, an on-chain analytics tool, showed that “in profit” transactions hit a 19-month high, suggesting traders could lock in recent gains and contribute to the price decline.
This could push XRP prices up from the current 54 cents level to resistance at 40 cents, according to price chart analysts.