XRP price rises to an 11-month-high despite the Binance clash
While the FUD around Binance getting sued by the US Commodity Futures Trading Commission (CFTC) continues to rise, the ripple (XRP) price witnessed a decent climb.
XRP’s price has reached an 11-month-high after it rose by 19% in the past 24 hours. The asset is trading at roughly $0.57 at the time of writing, according to data provided by crypto.news.
Moreover, the last time XRP touched the $0.56 mark was in May 2022. Its latest bullish momentum started on March 21, but witnessed a notable drop from $0.48 to $0.41 on March 23.
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According to data provided by Whale Alert, 61.89 million XRP coins were moved from Binance to unknown wallets in just two transactions. The assets are now worth around $34.6 million and were transferred in the past 13 hours.
While the recent legal action against the largest crypto exchange Binance has tumbled the whole market for a day, XRP remains bullish. The majority of the Ripple community expects a bullish move from the asset, according to the XRP chat on CoinMarketCap (CMC).
Furthermore, the famous veteran trader, Peter Brandt, pointed out CFTC’s action against Binance, which might be able to cause a significant disaster for the crypto industry, was “just a matter of time.” Brandt noted the possibility of Ripple being next to “topple” as the regulatory crackdowns have risen.
Read more: Trading legend Peter Brandt says Ripple could be next on CFTC’s list