XRP rallies by 18% today as SEC’s court decision is expected in a few weeks
The cryptocurrency market could end the week on a positive note, with XRP the best performer amongst the top 10 coins by market cap.
XRP, the native coin of the Ripple ecosystem, is the best performer amongst the top 10 cryptocurrencies by market cap. XRP has added more than 18% in the last 24 hours, outperforming the broader crypto market.
The rally comes as the broader crypto market looks to end the week on a positive note. The crypto market is up by less than 1% in the last 24 hours, with the total market cap closing in on the $950 billion mark.
Bitcoin continues to trade above the $19k level but could drop below it as BTC is down by less than 1% in the last 24 hours.
The ETH is trading above $1,300 once again after adding more than 2% to its value so far today.
XRP’s rally comes after Ripple Labs filed a motion for summary judgement in its case with the United States Securities and Exchange Commission (SEC).
Following this motion, 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
— James K. Filan 🇺🇸🇮🇪 114k (beware of imposters) (@FilanLaw) September 19, 2022
Key levels to watch
The XRP/USD 4-hour chart is extremely bullish as XRP has been performing well over the last few hours. The technical indicators show that XPR is outperforming the broader cryptocurrency market.
The MACD line is deep within the positive territory, indicating bullish momentum for XRP. The 14-day relative strength index of 67 shows that XRP could enter the overbought region if the bullish momentum continues.
At press time, XRP is trading at $0.50077 per coin. If the rally continues, XRP could surge past the $0.6119 resistance level for the first time since May.
However, it would need the support of the broader crypto market to target the $0.66272 resistance level in the near term.
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