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XRP Trades In Red During The Market Uncertainty

SEC-battled XRP trades in the red zone despite other top coins enjoying significant gains as the crypto market finally gets some breathing space. October started out rough for top coins despite the month being known as favorable for the market. Most top coins traded in the red zone, while others, including XRP, suffered massive volatility. 

The Uptober spirit seemed to fall on XRP the day before when it recorded some gains. However, the momentum didn’t last long as XRP is now down 1.44% in the last 24 hours. There is still hope for XRP thanks to bullish news from its ongoing case with the SEC. With more firms signing up as amicus curiae, the bulls might leverage this advantage to push the XRPs price further.

XRP Trades Red Amid Rough Week

The cryptocurrency market had a rough start to the week. But while most top coins have experienced measurable turnarounds, XRP has been left behind. XRP is currently trading at $0.45, representing a decrease of about 1.44% over yesterday’s close. This adds to its rough 7-day chart that sees XRP losing almost 5.17%.

XRPs daily loss is still a sign that the bears have not given up yet. There might still be some fighting left before the end of the month. However, if there is any good news coming down the pipeline, we will see XRP continue to climb higher. 

XRP Falls Back To $0.45 Support Line

XRP tried testing new resistance lines the day before but fell back to its $0.45 support level. The coin tested $0.47 yesterday, the first time since last Thursday that it reached this level. However, it failed to break through, instead falling back to $0.45. 

XRP is currently trading around $0.46. | Source: XRPUSD price chart from TradingView.com
Resistance is Still Present Despite The Breakout Past The Trendline

Just before the time of writing, the trendline resistance (white) of the previous 10 days was broken. But the $0.45 area was a formidable zone of support and resistance in the short term. Also, the short-term structure of the market was due for a correction.

Even yet, the RSI reading has gone over 50, which indicates that the relative strength is increasing. Coincidentally, the Chaikin Money Flow (CMF) indicator has been positive for over a week. This indicated that substantial capital input was observed at lower time intervals.

On the daily chart, the market structure remained bullish. But if the market ends the day at less than $0.44, that would change. Highs for XRP between May and September were at the $0.422 mark. Thus, a return to this zone may trigger a powerful bullish reaction. However, if Bitcoin had a sharp decline below $18.6k, XRP’s value would most certainly drop below $0.42 as well. In light of this, the price of the coin may drift gradually lower, potentially reaching $0.34 in the coming weeks.

Featured image from Pixabay and chart from TradingView.com

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Ripple Outperforming Almost The Whole Market, What’s Pumping XRP Price? 

The currency of the blockchain-powered online payment platform, XRP, has gained almost 60% in the past week. After briefly dipping to $0.34 five days ago, the token climbed back and traded around $0.52 this morning.

Crypto influencer Ben Armstrong claims to know the reason behind this continuous climb amid the current general crypto bear market. The multiple-crypto holder shared his two cents about the state of events with his 800k plus followers on Twitter yesterday.

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Influencer Believes Impending Close To Ripple-SEC Case Is Responsible

According to Armstrong, multiple factors are causing Ripple’s insane price surge. However, he can confidently trace one primary reason to the ongoing SEC court battle with the sixth strongest crypto. The influencer tweeted that SEC has given up on its 2-year struggle of trying to prove XRP is a security. As of this week, the Ripple community “can be pretty confident the worst-case scenario is a fine,” the tweet reads.

The last weekend saw both parties in the ongoing case filing for summary judgment. In other words, Ripple and SEC believe enough evidence has been provided for a verdict outside a court case. They wait for Judge Torres’ decision supporting one side or the other based on already available evidence. A court battle that started way over in 2020 might soon be coming to an end.

XRP is currently trading at $0.4975. | Source: XRPUSD price chart from TradingView.com
Ripple And XRP Community Expect A Favorable Verdict

Like Ben Armstrong, the Ripple community and Ripple Labs are expectant of a favorable ruling. If that happens, XRP will not be considered a Security but a digital asset, just as Ripple intended. 

Another crypto influencer predicted that if this happens, it will be the needed boost the bearish crypto market needs. David Gokhshtein tweeted that the crypto market will go parabolic should XRP win this case. He and Brad Garlinghouse, Ripple’s CEO, believe a win for XRP would stamp cryptos stand with regulation. Consequently, it would increase investors’ faith in the ailing asset.

Whale Movements On XRP Blockchain Also Partially Responsible For Price Boost

Another reason for the surge in XRP seems to be whale movements on the platform. On-chain analytics firm, Sentiment data reveal an increase in whale transactions on the Ripple blockchain. 

Furthermore, the Whale Alert crypto tracker revealed multiple anonymous transfers of significant amounts of XRP in the past week. Data showed that a 261 million XRP transfer and another 582 million XRP transaction took place. Ripple was involved in both transactions, moving 80,000,000 of the tokens externally. In total, close to a billion tokens exchanged hands in whale transactions last week. 

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These two factors mentioned above are mainly responsible for the continuous climb of XRP tokens over the last week. One can only wait to see if the XRP community’s optimism is indeed rightly placed and that ripple will indeed win the case. At the time of writing, XRP is currently trading around $0.48 after briefly testing $0.52 earlier today per Coinmarketcap data. 

Featured image from Pixabay and chart from TradingView.com