Signs of an XRP Rally as Ripple Celebrates Win Against SEC
The XRP community is anticipating a potential rally as Ripple prepares to host its “Proper Party” event to celebrate its victory against the US Securities and Exchange Commission (SEC). XRP’s price is currently up 2.4% at $0.507, with a trading volume of $703 million and a market capitalization of $27 billion. XRP has maintained its lead over the USD Coin (USDC), ranking sixth with a market cap of $25.5 billion.
Ripple’s Legal Battle with the SEC
Ripple recently won a partial victory in its legal battle against the SEC, with the court ruling that programmatic sales of XRP on third-party exchanges are not considered security tokens. However, sales made directly to institutional investors were classified as securities. Ripple sees this win as a positive outcome for the crypto industry and CEO Brad Garlinghouse has been vocal about standing up to the SEC.
“You have to stand up to a bully.” ~@bgarlinghouse
Ripple’s Brad Garlinghouse and Stuart Alderoty on standing up to and defeating Gary Gensler’s SEC.#Mainnet2023 🌶️ pic.twitter.com/jEXuqTKo07
— Messari (@MessariCrypto) September 27, 2023
Expectations for Ripple’s “Proper Party”
Ripple’s “Proper Party” event, scheduled for September 29 in New York, is generating excitement within the XRP community. There are speculations about potential announcements regarding an IPO or a settlement with the SEC. While these outcomes are not guaranteed, investors are hopeful that the event will have a positive impact on XRP’s price.
XRP Price Levels to Watch
The current support level for XRP is at $0.5, reinforced by the 50 Exponential Moving Average (EMA) and the 100 EMA. Breaking above this level could signal a resumption of the uptrend. However, there is a significant barrier at $0.5148 marked by the 200 EMA. Until XRP surpasses this resistance area, there is a risk of further declines or consolidation.
The Moving Average Convergence Divergence (MACD) indicator suggests a buying opportunity for XRP, as the blue MACD line has crossed above the red signal line and the momentum indicator is generally moving upward. However, caution is advised based on the Relative Strength Index (RSI), which indicates that bulls are struggling to sustain the uptrend above $0.5.
To confirm a significant breakout, XRP needs to rise above the 200 EMA and the triangle resistance around $0.52. This could attract traders who are waiting to see the impact of Ripple’s event on the price. The next key resistance levels are at $0.54, $0.62, and $0.85 on the path towards $1.
Hot Take: XRP Rally Expected as Ripple Celebrates Legal Victory
The XRP community is eagerly awaiting Ripple’s “Proper Party” event, which celebrates the company’s win against the SEC. With expectations of potential announcements and positive sentiment surrounding XRP’s price, signs of a rally are emerging. XRP has already shown a 2.4% increase, with support levels holding above $0.5 and indicators suggesting a buying opportunity. While caution is advised due to potential resistance levels, there is optimism that Ripple’s event will have a positive impact on XRP’s price trajectory.
By
By
By
By
