XRP price breaks out of range with a 25% rally, but why?

On Sept. 22, crypto markets showed a little greener as Bitcoin (BTC), which traded above $19,300, saw a 4.7% increase and Ether (ETH), a 6.5% surge to regain the $1,300 mark.

RSR and Astar Networks (ASTAR), also saw a 23% and 17% increase, respectively. However, the most notable mover was XRP.

The XRP price is currently up by 41% and reflects a nearly 25% gain. James K. Filan, defense lawyer, said that Ripple Labs filed a motion to summary judgment on Sept. 18. This legal process allows the court to make a final decision based upon the facts provided, instead of ordering a trial. A decision about whether XRP can be considered a security will likely come by mid-December.

#XRPCommunity #SECGov against #Ripple 1/2 The parties requested that third-party motions to seal portions the summary judgment filings of the parties be made subject to the Court’s September 12, 2022 order. pic.twitter.com/J6rbeRXmHi
James K. Filan (beware of imposters), (@FilanLaw September 19, 2022

Investor sentiment could be improved by excitement over the news, which could increase investor confidence in the long-term prospects of XRP.

Related: Crypto and stocks slow ahead of Fed rate hike but XRP and ALGO look ‘interesting’

Technical analysis shows that XRP prices are looking to achieve a second daily close above a longterm descending resistance. Trading volumes and open interest in futures contracts have risen dramatically over the past 24 hours.

XRP/USDT 1-day chart. Source: TradingView

Marcel Pechman, Cointelegraph’s market analyst:

“XRP’s open interests are now at $575million, up from $310million just a week earlier.”

If traders aren’t yet positioned, they might wait to see if $0.49, the 200-day moving mean at $0.49, is flipped to support in the next few daily closes. Intraday and swing traders typically take profits at higher levels of resistance. They also anticipate price rejections or lower support retests when an asset breaks out from a period that has seen long consolidation, price bottom, or market structure-altering moves.

TheKingfisher, a crypto analytics data provider, made a similar point. They suggested that buyers might “likely” have the opportunity to short XRP lower.

You’ll likely have an opportunity to long $XRP lower if that’s what you’re looking for Don’t FOMO, Long the long liquidations https://t.co/jmaCFVVOvn pic.twitter.com/TP9SW6OmXO
September 22, 2022 by TheKingfisher (@kingfisher_btc). You should do your research before making any investment or trading decision.
https://cointelegraph.com/news/xrp-price-breaks-out-of-range-with-a-25-rally-but-why

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Donna Burk– Business News My Name is Donna Burk and I am also the main source from the ‘Dailynewssheet.com’ of all the exclusive and most delicate visualization of the activities in the business sector. My first step towards this journey was taken in the very early years of my life. I started with an independent financial consultant. However, I only had almost 4 years of skills and experience in this market. I have always been a free personality and like to fly one place to another, to explore more and more. Moreover, this passion and craze of traveling gave me a chance to report a section for best news associations. Last but not least, I am presently working full-time as an editor.

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