XRP Price: XRP Falls 13% in a Week Despite the SEC’s Landmark Commodity Ruling
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The XRP price fell 13% in a week despite the SEC's landmark commodity ruling, which classified XRP as a digital commodity alongside Bitcoin and Ethereum. The ruling initially boosted the XRP price, but it was later dragged down by a Bitcoin selloff and a Fed decision that spooked the crypto market.
The SEC officially classified XRP as a digital commodity on March 17. The XRP price jumped to $1.60 before falling back to $1.40 a week later. The Fed's decision to hold rates and raise its inflation forecast led to a Bitcoin selloff, which dragged XRP down. The commodity ruling removed a barrier for institutions to hold XRP, but it didn't create demand. XRP's price is closely tied to Bitcoin's, and it amplifies Bitcoin's swings. The next binary event for XRP is the SEC's ETF deadline on March 27.
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