XRP Price Reverses 4-Month Downtrend as SEC Lawsuit Against Ripple Nears ‘Potential’ Completion
- Ripple’s lawsuit against the Securities and Exchange Commission (SEC) is in its final stages, with both parties agreeing to summary judgment.
- The market value of the XRP cryptocurrency turned positive in the last 24 hours for the first time since May.
- After rising nearly 42%, the price of XRP hit a high of $0.50 before pulling back.
The ongoing Securities and Exchange Commission (SEC) lawsuit against Ripple has finally marked a major development in the past two days. This triggered the rise of the sixth largest cryptocurrency in the world, and the price of the XRP cryptocurrency reached its highest single-day movement since May of this year.
More ripples in the lawsuit
On September 12, both parties filed their motions with the court, issuing a summary judgment scheduled for December 22 to dismiss the proceedings without trial. This will force the court to reach a verdict in the case using only the available evidence accumulated over the past 21 months.
The lawsuit, which began in December 2020, appears to end two days before the completion of a full two years, and the Ripple community appears to be almost certain that the ruling will be in their favor.
Ripple CEO Brad Garlinghouse even said in an interview with Fox Business that the SEC has lost its way. He added
“People are realizing that the SEC is really going too far, and they’re not following the stalwart fidelity to the law in the pursuit of results.”
But although the verdict is still far away, Ripple supporters seem to be happy with the filing of the petition, considering it already a victory. Although the price rose on the charts, the uptrend associated with this event also took XRP out of the critical negative zone.
The market value of the XRP cryptocurrency, which fell below neutral in May due to constant crashes, finally broke out of the clutches of the bears after four months. Rising to 24%, the MVRV (Market Value to Realized Value) ratio could rise above the neutral line. It also caused the price of XRP to hit $0.50 on September 23rd.
Cryptocurrency XRP leaves a mark on the charts
After hitting a high of $0.55 during intraday trading, the XRP cryptocurrency price once again hit its highest level in four months. The 23% rise from Thursday almost led to an overall 24-hour rally to 42% before XRP dropped to $0.46.
The next critical resistance on the macro timeframe for the XRP cryptocurrency is at $0.58. Historically proven as strong support, this level will provide the right momentum the altcoin needs to recover from now on.
Written by Aryamann Srivastava, FXStreet
Aryamann Srivastava is a journalist and cryptocurrency market analyst, author of over 1000 articles under his own name. An honors graduate in journalism, he has been working in the cryptocurrency industry for over a year.
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