On September 22, the cryptocurrency market turned slightly upward, with Bitcoin (BTC) rising 4.7% to trade above $19,300 and Ether (ETH) surging 6.5% to regain the $1,300 level. ing.
RSR and ASTAR Network (ASTAR) also surged 23% and 17% respectively, but XRP was the notable move of the day.
Currently, the XRP price is up nearly 25% and is up 41% over the past month. On Sept. 18, Ripple Labs filed a motion for summary judgment, a legal process in which the court makes a final decision based on the facts provided, according to attorney James K. Filan. A decision on whether XRP is a security is expected by mid-December.
The excitement over this news may have improved investor sentiment on XRP’s long-term prospects.
From a technical analysis perspective, XRP price is trying to secure a second day close above the long-term downtrend line resistance, while futures contract volumes and open interest have increased sharply over the past 24 hours. .
“XRP open interest has reached $575 million, up from $310 million just a week ago,” said Marcel Peckmann, a market analyst at Cointelegraph.
Traders who have not taken any positions yet may consider waiting to see if the 200-day MA at $0.49 flips to support on the next few daily closes. Intraday and swing traders generally profit at longer-term resistance levels. They also anticipate price rejection and retesting of low support after the asset has managed to break out of a long period of consolidation, price troughs or moves that alter market structure.
Crypto analytics data provider TheKingfisher made a similar point, suggesting that buyers “could see an opportunity to go long and down XRP.”