This triggers a 25% rally higher than a key long-term resistance level. XRP attracts buyers when the court ruling is positive.
On Sept. 22, crypto markets showed a little greener as Bitcoin ( Bitcoin), price surged 4.7% to trade above \$19300, and Ether ( Ethereum_) surged 6.5% in order to regain the \$1,300 level.
RSR and Astar Networks (ASTAR), also saw a 23% and 17% increase, respectively. However, XRP was the most notable mover of today.
Ripple labs demands answers from Judges which cause price to rocket
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.
Investor sentiment could be improved by excitement over the news, which could increase investor confidence in the long-term prospects of XRP.
Technical analysis shows that XRP prices are looking to achieve a second daily close above a long term descending resistance. Trading volumes and open interest in futures contracts have risen dramatically over the past 24 hours.
“XRP’s open interests are now at $575million, up from $310 millions 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.