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The XRP price has risen after a US court dismissed the Securities and Exchange Commission’s request to launch an interlocutory appeal in the XRP dispute.
The price of the remittance token increased by 8% to a high of $0.547 on Tuesday.
XRP is currently trading at $0.537, a 5% increase in the previous 24 hours. With this surge, XRP now leads the top-cap cryptocurrencies in terms of gains on October 4.
Stellar (XLM), which has gained 2.62% in the previous 24 hours, Gala (GALA), which has gained 1.7%, and UNUS LEO (LEO), which has gained 2.11%, are the other top gainers.
Frax Share (FXS) rounds out the top gainers with a 1.4% increase during the same span.
Ripple Wins Again Against the SEC!
Ripple Labs, the firm that created the XRP token, has gotten yet another favorable judgment from District Court Judge Analisa Torres.
Judge Torres refused the SEC’s attempt to appeal its loss in the case.
The Judge remarked during the proceedings that the regulator did not give any proof for the court to evaluate their interlocutory appeal.
Instead, it emphasized how the court’s interpretation of the Howey test was incorrect.
Judge Torres, who earlier decided in July that selling XRP directly to consumers did not violate securities legislation, indicated on Tuesday that the SEC had not proven serious faults in her previous judgment. The SEC had attempted to contest the ruling before the final judgment, which was set for early next year.
This is the agency’s second failed attempt to bring XRP under US securities regulations.
The Southern District Court of New York has set April 24, 2023 as the next trial date.
This is yet another modest success for the San Francisco-based cryptocurrency firm, and the market has responded accordingly. Following the news, the XRP price increased by up to 8% from a low of $0.506 to little more than $0.54.
Where Will XRP Go from Here?
On Tuesday, XRP’s rise was backed by a 70% increase in daily trading volume.
As a result, a large green engulfing candlestick appeared on the daily chart, signaling that a large number of buyers had returned to the scene.
The extended lower wick on Wednesday’s candlestick represents the buyers’ willingness to drive the price higher as they vigorously defend the $0.52 support level.
XRP is currently being held back by resistance from the ascending channel’s upper barrier at $0.54.
A daily candlestick above this level would indicate the buyers’ ability to maintain the higher levels.
The psychological level of $0.55 would be the next barrier to overcome.
Above this level, the next logical step would be a rally to meet resistance from the 100-day SMA at $0.5687. This represents a 6% increase above the current price.
XRP/USD Daily Chart
The Relative Strength Index (RSI) was rising in the positive zone. The price strength at 60 signaled that the bulls had control of the XRP price, lending confidence to XRP’s positive narrative.
Sellers, on the other hand, may succumb to their appetites and book profits on the recent run to $0.54.
This might prolong the current bearish drop toward the 200-day SMA, which is now around $0.525, which coincides with the channel’s midway boundary.
The 50-day SMA and the lower boundary of the ascending channel both engulf the most notable defense line at $0.512.
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