"The SEC and CFTC released the commodity classification on March 17, and the XRP price responded immediately. It jumped to $1.60 on a 250% surge in trading volume, breaking out of the $1.35 to $1.45 range that had held it down for over a month."
"But the selling didn't stop there as Bitcoin continued drifting lower through the rest of the week. BTC broke below $70,000 by the weekend, dragging XRP down with it."
"The commodity classification removed the legal barrier that had kept institutions from holding XRP, but removing a single barrier was not enough to sustain the price amid broader market pressures."
XRP received a significant boost when the SEC classified it as a digital commodity, causing its price to surge to $1.60. However, this momentum was short-lived as the Federal Reserve's decision to maintain interest rates and raise inflation forecasts spooked the market. Bitcoin's subsequent drop dragged XRP down, leading to a decline below $1.40. Despite the positive regulatory news, macroeconomic conditions ultimately overshadowed the potential for XRP's recovery.
Read at 24/7 Wall St.
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