XRP’s Price Catalysts: Legal Battle and Bullish Momentum
The cryptocurrency market is showing signs of a rebound following a period of stagnation and a subsequent dip, and XRP is no exception.
Crypto analyst Cryptoinsightuk has identified key factors that could impact XRP‘s future price, both positively and negatively.
Two significant events to watch include Judge Analisa Torres’ impending decision in the legal battle between Ripple and the SEC, related to the SEC’s appeal motion, and Ripple’s celebration event on September 29 in New York City, anticipating a potential victory against the SEC, despite incurring substantial legal costs.
Moreover, given its influence on the broader cryptocurrency market, Bitcoin‘s recent uptrend may act as a catalyst for XRP.
In terms of technical analysis, XRP is seeking a price floor of around $0.47 and has shown positive signs, with the relative strength index (RSI) creating higher lows. XRP is navigating daily moving averages (MA), with the “Support” zone now serving as resistance after an August 17 breach. Short-term traders may target the “Gap” areas for profit-taking or resistance anticipation.
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As of the latest data, XRP is trading at $0.51397, with a 0.96% daily increase and a 7.74% gain over the past week, partially offsetting a 1.47% loss over the previous month.
Despite being removed from the list of approved cryptocurrencies by the New York Department of Financial Services (NYDFS), XRP’s price has not experienced a significant decline. This information summarizes the essential details while maintaining clarity and conciseness.
Alexander Stefanov
Reporter at CoinsPress
Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.
