Crypto markets flashed a bit of green on Sept. 22, as Bitcoin (BTC) price surged 4.7% to trade above $19,300 and Ether (ETH) surged 6.5% to hit the $1,300 level to recapture.
RSR and Astar Network (ASTAR) were also up 23% and 17% respectively, but the most notable gain of the day was XRP.
Currently, the XRP price reflects a gain of close to 25% and the asset is up 41% in the past month. According to attorney James K. Filan, Ripple Labs filed a motion for summary judgment on Sept. 18 — a legal process in which the court makes a final decision based on the facts provided, rather than ordering a trial — and a decision on whether XRP is a security is expected in mid-December.
#XRPCommunity #SECGov v. #Ripple #XRP 1/2 The parties have requested that any requests by third parties to seal portions of the parties’ filed summary judgments be made subject to the court’s decision of September 12, 2022. pic.twitter.com/J6rbeRXmHi
— James K. Filan 113k (beware of cheaters) (@FilanLaw) September 19, 2022
Excitement at the news could improve investor sentiment about the long-term outlook for XRP.
Related: Crypto and Stocks Soften Ahead of Fed Rate Hike, But XRP, ALGO, and LDO Look ‘Interesting’
From a technical analysis perspective, XRP price is looking for a second daily close above a long-term falling trendline resistance and trading volumes and open interest on futures contracts have risen sharply in the past 24 hours.
According to ETN market analyst Marcel Pechman:
“XRP’s open interest is now $575 million, compared to $310 million a week ago.”
Traders not yet positioned should consider waiting to see if the USD 0.49 200 day moving average flips over to support the next few daily closes. Typically, intraday and swing traders make gains at longer-term resistance levels and also anticipate price rejects and lower support retests after an asset breaks through a period of long consolidation, price floor, or a move that changes market structure.
Crypto analytics data provider TheKingfisher made a similar point by suggesting that buyers would “probably have the opportunity to lower the XRP”.
— TheKingfisher (@kingfisher_btc) September 22, 2022
The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of ETN.com. Every investment and trading move carries risks, you should do your own research when making a decision.