In the last 24 hours, the price of XRP has risen by 18%, and an incredible 55% compared to a week ago. The reason may be related to the latest developments in Ripple’s case against the United States Securities and Exchange Commission (SEC).
Come reported on Twitter by defense attorney James K. Filan, on September 18, Ripple Labs filed a summary judgment motion: a legal process that prompts the court to make a decision based on the facts provided rather than ordering a trial. A decision on the true nature of XRP – whether or not it is a share – is expected in mid-December.
This news may have improved XRP’s long-term outlook, and consequently boosted investor enthusiasm.
From a technical analysis point of view, the price of XRP is trying to secure a second daily close above a resistance represented by the long-term descending trendline. Trading volumes and open interest have increased significantly in the past 24 hours.
According to Marcel Pechman, Cointelegraph’s market analyst:
“XRP’s open interest is now $ 575 million, up from $ 310 million a week ago.”
But analyst TheKingfisher warned traders, suggesting that after such a hike the price always tends to decline. Interested users “will likely have an opportunity to open long positions on XRP at lower levels:“
“You will likely have an opportunity to open long positions on XRP at lower levels, if that is your plan. Do not be guided by the FOMO, go long only after the current long has been liquidated.”
— TheKingfisher (@kingfisher_btc) September 22, 2022
Risk Disclosure: The articles and articles on Arover.net do not constitute investment advice. Bitcoin and cryptocurrencies are high-risk assets, and you should do your due diligence and do your own research before investing in these currencies.