The Ripple price (XRP), has seen a remarkable 33% increase over the key resistance zone, as shown in the last week.
- XRP notably spikes by 10% on September 22
- Ripple is confident that he will win the legal battle against SEC
Also, as the crypto market plummeted in red, the token skyrocketed by 10%.
Although there were some improvements with Bitcoin posting gains of 4.9% and Ethereum rising by 7.3%, the XRP led that day.
Based on CoinMarketCapThe XRP market price has risen by 4.47% and is currently trading at $0.5051.
SEC Raises Investor Optimism – Update on Legal Feud
The XRP price has seen a 45% increase since August. Ripple Labs recently moved for summary judgment (September 18), which would allow the court wrap up the matter and to make a decision based upon the facts.
Recent updates on legal proceedings have sparked optimism and boosted investor sentiment about the long-term prospects of XRP. XRP open interest is also up, with $575 million compared to $310million in the previous week.
Traders looking for entry should hold off on buying the $0.48 200-day EMA to determine if the support level will swing in the next few days.
As of press time, XRP’s total market capitalization is at $25.14 billion as it climbed by $3 billion the previous day.
CoinMarketCap
The Bullish Moves of XRP Are Seen
According to the daily chart, XRP’s price rebounded after falling and now enjoys a bull run. Bulls aim to break the $0.4306 key resistance and XRP could reach $0.49 in the next few days.
XRP’s optimism is reflected in its price action. A breach at $0.392 would indicate buyer weakness. Even more, it will invalidate bullish sentiment and return power to the bears. In this scenario, the XRP could plummet and revert to the support zone of $0.38.
Despite the challenges faced by wider crypto markets, XRP seems to be making strong progress. A bullish streak can be attributed to positive developments occurring in the legal fight between Ripple, SEC.
Although both SEC and Ripple agreed to a summary judgment, Ripple seems to be more confident that they’ll win following several tweets by Stuart Alderoty, Ripple’s legal counsel, saying that SEC wasn’t able to satiate the Howey Test set by the Supreme Court. This helps regulators categorize assets as security by using the Howey Test.
Brad Garlinghouse (Ripple CEO) believes more strongly that the SEC might not want to follow the law, but would like to make it better.
Market cap of XRP is $24.3 billion as per the daily chart. Source : TradingView.com| Source: TradingView.com Image featured from Crypto Daily Chart: TradingView.com