XRP price breaks out of range with a 25% rally, but why?
cointelegraph.comCrypto markets are flashing a bit of green on Sept. 22 as Bitcoin (BTC) price tacked on a 4.7% gain to trade above $19,300 and Ether (ETH) surged 6.5% to recapture the $1,300 level.
RSR and Astar Network (ASTAR) also surged by 23% and 17% respectively, but the more notable mover of the day was XRP.
Currently, XRP price reflects a near 25% gain and the asset is up 41% in the past month. According to defense lawyer James K. Filan, on Sept. 18, Ripple Labs filed a motion for summary judgment — a legal process that involves the court making a final decision based on the provided facts, rather than ordering a trial — and a decision on whether XRP is a security is expected by mid-December.
#XRPCommunity #SECGov v. #Ripple #XRP 1/2 The parties have filed a request that any motions by third-parties to seal portions of the parties’ summary judgment filings be filed subject to the Court’s September 12, 2022 order. pic.twitter.com/J6rbeRXmHi
Excitement over the news could be improving investor sentiment about the longer-term prospects for XRP.
Related: Crypto and stocks soften ahead of Fed rate hike, but XRP, ALGO and LDO look ‘interesting’
From the perspective of technical analysis, XRP price is looking to secure a second daily close above a longterm descending trendline resistance and trading volumes and open interest on futures contracts have risen sharply in the past 24-hours.
According to Cointelegraph market analyst Marcel Pechman:
Traders who are not yet positioned might consider waiting to see if the 200-day moving average at $0.49 is flipped to support over the next few daily closes. Typically, intraday and swing traders take profit at longer term resistance levels and they also anticipate price rejections and lower support
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