The indices had already started to build up in recent weeks to indicate that Ripple had a decent chance of winning the case initiated by the American Securities and Exchange Commission (SEC).
Over the last several hours, the price of XRP/USD has increased by more than 40% to reach $0.5569. Possibly the top 100 cryptocurrency with the largest rise was this one.
More market players appear to expect that Ripple will win the court judgment after both Ripple and the SEC filed requests to hasten the process.
Since the Chamber of Digital Commerce (CDC) submitted an Amicus request, which the court has already granted, Ripple is no longer the only party in the lawsuit. The crypto advocacy group will now back Ripple in court since the case’s conclusion will have an impact on the whole sector.
The CEO of Ripple, Brad Garlinghouse, told Fox Business that the US Securities and Exchange Commission erred and was subjected to endless scrutiny for just that reason:
“With the publication of the fast-track applications, many have realized that the SEC may be really going too far… One judge even said that the authority was not really following the law… We are convinced that the court has the information necessary to make a decision, and we believe it is clear that the SEC grossly exceeds its powers.”
If this is the long-awaited sustained upward exit or simply a fleeting fad, the next several days will reveal.
Technical levels to pay attention to for Ripple XRP XRP today passed the psychological level of $0.5000 and established a new intermediate high at $0.5569. On the daily chart, the RSI has reached overbought circumstances, which supports the idea that gains will temporarily consolidate or reverse.
The 23.6% Fibo retracement at $0.4994 serves as immediate support, which is located around $0.5000. We may anticipate a retest of the high at $0.5569 as long as this zone holds on the daily close.
On the other hand, if the bulls are not showing enough momentum and the daily closing price is below the 23.6% Fibo retracement, the downside correction may be extended towards the 38.2% Fibo retracement % of $0.4639.