How XRP Pulled Off A 33% Rally Over The Past 7 Days
Ripple (XRP) price has registered an impressive 33% advance above the key resistance zone as seen in the past week.
- XRP notably spikes by 10% on September 22
- Ripple confident to win legal feud against SEC
The token also skyrocketed 10% as seen on September 22, as the crypto market plunged in a sea of red.
Although a bit of improvement with Bitcoin raking up gains by 4.9% and Ethereum spiking by 7.3%, XRP was still leading that day.
According to CoinMarketCap, XRP price is up by 4.47% or trading at $0.5051 as of this writing.
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Update On Legal Feud With SEC Raises Investor Optimism
XRP price demonstrates a surge of over 45% as seen since August. Reportedly, Ripple Labs has recently filed a motion for summary judgment on September 18 which involves allowing the court to wrap it up and make a final decision based on the facts presented in line with whether XRP is to be considered a security.
The recent update on the legal proceedings has stirred some optimism and pumped up investor sentiment regarding the long-term haul of XRP. More so, the open interest of XRP has notably improved as it has increased to $575 million from just $310 million in the past week.
Traders who are looking to get in should wait for the 200-day EMA set at $0.48 to see if it would swing to support in the coming days.
As of press time, XRP’s total market capitalization is at $25.14 billion as it climbed by $3 billion the previous day.
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XRP Seen With Strong Bullish Strides
On the daily chart, the XRP price is noted to have bounced back after it dropped and is now enjoying a bull run. The bulls are targeting to breach the key resistance spotted at $0.4306 and once this is done, XRP could shoot for $0.49 next.
Amid the optimism shown by XRP, a breach targeted at the key support zone of $0.392 will reveal signs of buyer weakness. More so, this will also invalidate the bullish thesis and give the power back to the bears. If this happens, the XRP price could plunge and revisit the key support zone at $0.38.
XRP is seen to move with strong strides despite the hurdles experienced by the broader crypto market. The bullish streak is associated with the robust developments happening in the legal battle between Ripple and 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. The Howey Test helps regulators assess and categorize an asset as a security.
More so, Brad Garlinghouse, Ripple CEO, firmly believes that SEC may not be keen on abiding by the law but would want to remake it.
XRP total market cap at $24.3 billion on the daily chart | Source: TradingView.com News Source