How XRP Pulled Off A 33% Rally Over The Past 7 Days

Christian Encila

2 years ago

3 mins read

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Ripple (XRP) price has registered an impressive 33% advance above the key resistance zone as seen in the past week.

XRP notably spikes by 10% on September 22
Ripple confident to win legal feud against SEC

The token also skyrocketed 10% as seen on September 22, as the crypto market plunged in a sea of red.

Although a bit of improvement with Bitcoin raking up gains by 4.9% and Ethereum spiking by 7.3%, XRP was still leading that day.

According to CoinMarketCap, XRP price is up by 4.47% or trading at $0.5051 as of this writing.

Update On Legal Feud With SEC Raises Investor Optimism

XRP price demonstrates a surge of over 45% as seen since August. Reportedly, Ripple Labs has recently filed a motion for summary judgment on September 18 which involves allowing the court to wrap it up and make a final decision based on the facts presented in line with whether XRP is to be considered a security.

The recent update on the legal proceedings has stirred some optimism and pumped up investor sentiment regarding the long-term haul of XRP. More so, the open interest of XRP has notably improved as it has increased to $575 million from just $310 million in the past week.

Traders who are looking to get in should wait for the 200-day EMA set at $0.48 to see if it would swing to support in the coming days.

As of press time, XRP’s total market capitalization is at $25.14 billion as it climbed by $3 billion the previous day.

Image: CoinMarketCap

XRP Seen With Strong Bullish Strides

On the daily chart, the XRP price is noted to have bounced back after it dropped and is now enjoying a bull run. The bulls are targeting to breach the key resistance spotted at $0.4306 and once this is done, XRP could shoot for $0.49 next.

Amid the optimism shown by XRP, a breach targeted at the key support zone of $0.392 will reveal signs of buyer weakness. More so, this will also invalidate the bullish thesis and give the power back to the bears. If this happens, the XRP price could plunge and revisit the key support zone at $0.38.

XRP is seen to move with strong strides despite the hurdles experienced by the broader crypto market. The bullish streak is associated with the robust developments happening in the legal battle between Ripple and SEC.

Although both SEC and Ripple agreed to a summary judgment, Ripple seems to be more confident that they’ll win following several tweets by Stuart Alderoty, Ripple’s legal counsel, saying that SEC wasn’t able to satiate the Howey Test set by the Supreme Court. The Howey Test helps regulators assess and categorize an asset as a security.

More so, Brad Garlinghouse, Ripple CEO, firmly believes that SEC may not be keen on abiding by the law but would want to remake it.

XRP total market cap at $24.3 billion on the daily chart | Source: TradingView.com

Featured image from Crypto Daily, Chart: TradingView.com

Christian Encila

They say journalists never truly clock out. But for Christian, that's not just a metaphor, it's a lifestyle. By day, he navigates the ever-shifting tides of the cryptocurrency market, wielding words like a seasoned editor and crafting articles that decipher the jargon for the masses. When the PC goes on hibernate mode, however, his pursuits take a more mechanical (and sometimes philosophical) turn.

Christian's journey with the written word began long before the age of Bitcoin. In the hallowed halls of academia, he honed his craft as a feature writer for his college paper. This early love for storytelling paved the way for a successful stint as an editor at a data engineering firm, where his first-month essay win funded a months-long supply of doggie and kitty treats – a testament to his dedication to his furry companions (more on that later).

Christian then roamed the world of journalism, working at newspapers in Canada and even South Korea. He finally settled down at a local news giant in his hometown in the Philippines for a decade, becoming a total news junkie. But then, something new caught his eye: cryptocurrency. It was like a treasure hunt mixed with storytelling - right up his alley!

So, he landed a killer gig at NewsBTC, where he's one of the go-to guys for all things crypto. He breaks down this confusing stuff into bite-sized pieces, making it easy for anyone to understand (he salutes his management team for teaching him this skill).

Think Christian's all work and no play? Not a chance! When he's not at his computer, you'll find him indulging his passion for motorbikes. A true gearhead, Christian loves tinkering with his bike and savoring the joy of the open road on his 320-cc Yamaha R3. Once a speed demon who hit 120mph (a feat he vowed never to repeat), he now prefers leisurely rides along the coast, enjoying the wind in his thinning hair.

Speaking of chill, Christian's got a crew of furry friends waiting for him at home. Two cats and a dog. He swears cats are way smarter than dogs (sorry, Grizzly), but he adores them all anyway. Apparently, watching his pets just chillin’ helps him analyze and write meticulously formatted articles even better.

Here's the thing about this guy: He works a lot, but he keeps himself fueled by enough coffee to make it through the day - and some seriously delicious (Filipino) food. He says a delectable meal is the secret ingredient to a killer article. And after a long day of crypto crusading, he unwinds with some rum (mixed with milk) while watching slapstick movies.

Looking ahead, Christian sees a bright future with NewsBTC. He says he sees himself privileged to be part of an awesome organization, sharing his expertise and passion with a community he values, and fellow editors - and bosses - he deeply respects.

So, the next time you tread into the world of cryptocurrency, remember the man behind the words – the crypto crusader, the grease monkey, and the feline philosopher, all rolled into one.

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.