XRP Price Breaks Out Of Range With 25% Rise, But Why?

Crypto markets flickered a little green on Sept. 22, as Bitcoin (BTC) price surged 4.7% to trade above $19,300 and Ether (ETH) surged 6.5% to recapture the $1,300 level. .

RSR and Astar Network (ASTAR) were also up 23% and 17% respectively, but the most notable move on the day was XRP.

Currently, the price of XRP reflects a gain of close to 25% and the asset is up 41% in the last month. According to defense attorney James K. Filan, on September 18, Ripple Labs filed a motion for summary judgment, a legal process that involves the court making 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.

The excitement over the news could be improving investor sentiment on XRP’s long-term prospects.

From a technical analysis perspective, XRP price is looking to secure a second daily close above a long-term downtrend line resistance and trading volumes and open interest in futures contracts have risen sharply in the past few weeks. 24 hours.

XRP/USDT 1-day chart. Source: TradingView

According to Cointelegraph market analyst Marcel Pechman:

“XRP open interest is now $575 million vs. $310 million just a week ago.”

Traders who are not yet positioned might consider waiting to see if the 200-day moving average at $0.49 turns to support during the next few daily closes. Intraday and swing traders typically take profits at longer-term resistance levels and also anticipate price rejections and retests of lower support after an asset breaks out of an extended period of consolidation, price floor or a movement that alters the structure of the market.

Crypto analytics data provider TheKingfisher made a similar point by suggesting that buyers “would probably have a chance to short XRP.”

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should do your own research when making a decision.

Investments in crypto assets are not regulated. They may not be suitable for retail investors and the full amount invested may be lost. The services or products offered are not aimed at or accessible to investors in Spain.

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