The post Will XRP Price Rally Sustain? Here’s a Twist in the Tale appeared first on Coinpedia Fintech News
The long-awaited XRP vs SEC is almost nearing the end, and the XRP side appears more upbeat, therefore the XRP price shot up on September 22nd even if the crypto market is still ruled by bears.
On September 23, the price of XRP increased by 35% in relation to Bitcoin in a single day, rising from 0.00002132 to 0.00002877, its highest level in 13 months.
After Ripple and the SEC submitted applications for a summary judgment to the court on September 12 in connection with their ongoing legal dispute over claims that Ripple committed securities fraud, the significant price increases in the XRP market began to show up.
In other words, Ripple and SEC concurred that the court should decide by December 2022 whether the blockchain company unlawfully obtained cash by selling XRP based on the facts now in the record.
Since Ripple filed a lawsuit, the value of XRP has increased by about 75% and 60% in comparison to Bitcoin and the dollar, respectively. This increase has been spurred by hope that Ripple will prevail.
After Ripple CEO Brad Garlinghouse made the same suggestion in a recent appearance with Fox Business on September 22, the buying increased.
The price increase coincides with wealthy investors’ ongoing acquisition of XRP tokens since May. According to data from Santiment, the proportion of entities holding one million to ten million XRP tokens, sometimes known as sharks and whales, increased to 6.35% on September 23, 2022, up from 5.43% on December 31, 2020.
On the flip side…
Prior to the Ripple vs SEC ruling, it appears that traders have been buying the rumor. Nevertheless, XRP’s technical indicators are pointing toward a potential correction, even though it is unclear whether this will ultimately result in “sell the news” depending on how the decision turns out.
On September 23, the XRP/BTC relative strength index (RSI) almost hit 85, well beyond the overbought level of 70 that normally signals the start of a significant market fall or consolidation.