Crypto markets are a bit greener on Sept. 22 as Bitcoin (BTC) surged 4.7% to trade above $19,300 and Ether (ETH) surged 6.5% to revisit the $1,300 mark.
RSR and Astar Network (ASTAR) were also up 23% and 17%, respectively, but XRP was the biggest move of the day.
Currently, the price of XRP is reflecting a gain of almost 25% and the asset is up 41% in the last month. According to defense attorney James K. Filan, on Sept. 18 Ripple Labs filed a motion for summary judgment — a jury trial in which a court makes a final decision based on the facts presented, rather than ordering a trial — and a ruling on whether XRP securities are expected by mid-December.
#XRPCommunity #SECGs in. #wave #XRP 1/2 The parties have filed a motion that all third-party requests for the sealing of portions of the parties’ summary judgment filing be filed pursuant to the Court’s order dated September 12, 2022. pic.twitter.com/J6rbeRXmHi
— James K. Filan 113k (Beware of scammers) (@FilanLaw) September 19, 2022
The excitement at the news could improve investor sentiment regarding XRP’s longer-term prospects.
Related: Cryptos, Stocks Fall Ahead of Fed Rate Hike, But XRP, ALGO, and LDO Look “Interesting”
From a technical analysis perspective, XRP price is attempting to secure a second daily close above long-term downtrend resistance and trading volume and open interest in futures contracts have surged over the past 24 hours.
XRP/USDT 1-day chart. Source: TradingView
According to Cointelegraph market analyst Marcel Pechman:
“XRP open interest is now $575 million, up from $310 million just a week ago.”
Traders who are not yet in position might consider waiting for the 200-day moving average to turn into support at $0.49 in the next few daily closes. Intraday and swing traders typically take profits at longer-term resistance levels and also anticipate a price rejection and retest of lower support after the asset has emerged from a long period of consolidation, a price bottom, or a move that changes market structure , Break out.
Crypto analytics provider TheKingfisher made a similar statement, suggesting that buyers “will likely have an opportunity to sell XRP.”
— The Kingfisher (@kingfisher_btc) September 22, 2022
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