XRP price attracts buyers after the hope of a positive court ruling triggers a 25% rally
XRP price shows a rise of around 25%, and the asset has increased 41% in the last month. A ruling on whether XRP is a security is anticipated by mid-December, according to defense attorney James K. Filan. Ripple Labs filed a motion for summary judgment on September 18; this legal procedure involves the court making a final determination based on the presented facts rather than ordering a trial.
2/2 Specifically, this means that (1) any motions to seal by third-parties would be due by December 9, 2022, and (2) any oppositions to those motions would be due by December 22, 2022.
— James K. Filan 🇺🇸🇮🇪 114k (beware of imposters) (@FilanLaw) September 19, 2022
XRP price breaks out of range with a 25% rally, but why?
Excitement over the news could improve investor sentiment about the longer-term prospects for XRP.
From the technical analysis perspective, the XRP price is looking to secure a second daily close above long-term descending trendline resistance. Trading volumes and interest on futures contracts have risen sharply in the past 24 hours.
XRP/USD 4-hour chart | Source: TradingView
Market analyst Marcel Pechman: “XRP’s open interest is now at $575 million up from $310 million just a week ago.”
Traders who are not yet positioned might wait to see if the 200-day moving average at $0.49 is flipped to support over the next few daily closes. Typically, intraday and swing traders take profit at longer-term resistance levels. They also anticipate price rejections and lower support retests after an asset manages a breakout from a period of long consolidation, price bottom, or a market structure-altering move.
— TheKingfisher (@kingfisher_btc) September 22, 2022
Crypto analytics data provider TheKingfisher drove a similar point by suggesting that buyers would “likely have an opportunity to long XRP lower.”
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