Ripple

This is Why XRP Price Is Rallying Hard – How Long Will The Bulls Sustain?

Written by: Elena R

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Elena R

Elena is an expert in technical analysis and risk management in cryptocurrency market. She has 10+year experience in writing - accordingly she is avid journalists with a passion towards researching new insights coming into crypto erena.

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Sep 23, 2022

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A positive court ruling in the US Securities and Exchange Commission’s (SEC) case against Ripple could lead to a price surge for XRP, the company’s token.

The SEC claimed that Ripple had sold unregistered securities in the form of XRP tokens, and the case was scheduled to go to trial. According to defense attorney James K. Filan, however, on Sept. 18, Ripple Labs filed a motion for summary judgment — a legal procedure in which the court makes a final decision based on the provided facts rather than requiring a trial — with a decision on whether XRP is security expected by mid-December.

Court positive effect on XRP price

The recent court ruling has had a positive effect on the XRP price, causing it to rise 25% above an important resistance level. This surge has led to speculation that XRP could be at the beginning of an altcoin season, in which the prices of many small-cap cryptocurrencies begin to rise.

If Ripple Labs’ motion for summary judgment is successful, it is possible that the XRP price could continue to rise as investors become more confident in the token’s legal status. However, it is also possible that the SEC could appeal the decision, delaying any price gains.

Source: Trading View

According to the XRP technical analysis XRP is currently trading at $0.539. In the last 24 hours, It has traded as low as $0.4126 and as high as $0.5418 with a trading volume of $6,244,731,514 and a market capitalization of $53,699,837,022.

The current resistance levels are $0.55 and $0.60 while the support levels are $0.48 and $0.45. The MACD and RSI indicators are both showing bullish signals, which suggest that the price could continue to rise in the short term.

Investors should still be cautious when investing in XRP, as the legal case is far from over and the price could drop if the Ripple Labs motion is not successful. Nevertheless, the recent price surge is a positive sign for the token’s future

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Elena R

Elena is an expert in technical analysis and risk management in cryptocurrency market. She has 10+year experience in writing - accordingly she is avid journalists with a passion towards researching new insights coming into crypto erena.

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