At its current level of $0.490994, the price of XRP has remained stable today, as it has done for the last hour and day.
Furthermore, although XRP has dropped 1.5% in a week and 3.5% in a fortnight, it has really increased by 3% from its seven-day low, and the cryptocurrency has increased by 44% since the year’s beginning.
The majority of this year-to-date rise may be attributed to the favourable decision that Ripple obtained in July on its lawsuit against the SEC. The presiding judge affirmed this decision when she denied the regulator’s request for an appeal earlier this month.
These moves position XRP well for a future rise in the market, and given that yesterday’s erroneous rumours about the adoption of a Bitcoin ETF helped the altcoin momentarily, it’s possible that this rally won’t be too far off.
Even if XRP’s chart and indicators aren’t in the best of shape right now, the altcoin’s persistent underperformance would seem to indicate that a rebound rally is overdue.
The currency’s 30-day exponential moving average, which is yellow, has dropped significantly below its 200-day average, which is blue, following a rise at the beginning of the month. This suggests that the coin has been oversold and might potentially acquire more appeal to buyers following a discount.
XRP’s support level (green), which has resisted falling below $0.48 in recent weeks, is a comforting indication that the coin is unlikely to drop further before rising once more.
It appears like XRP is ready for a surge after yesterday’s erroneous report of a Bitcoin ETF saw the currency shooting up to $0.51 for a brief period of time, with a trading volume that exceeded $1.12 billion.
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Even if this report was completely unfounded, it nonetheless demonstrates how recent overselling has placed XRP in a situation where any truly good news might trigger a sharp increase in price.
Furthermore, Ripple’s lawsuit against the SEC is clearly going well for the cryptocurrency company, and XRP is clearly in a very strong position fundamentally, especially after Judge Analisa Torres denied the SEC’s request for an interlocutory appeal.
This implies that, without a settlement agreement between the parties before then, the lawsuit would probably proceed to a full trial over whether or whether Ripple’s leaders intentionally violated securities regulations.
In any case, Ripple is now in a far stronger position to carry on growing its company, which will ultimately only help XRP.
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