XRP is looking good, as Ripple once again scores a procedural victory in its lawsuit battle against the U.S. Securities and Exchange Commission (SEC) that has been ongoing for almost two years now.<\/p>\n
XRP gains another key victory in its ongoing legal battle with SEC
\nAltcoin is up by 8.5% for the past seven days
\nXRP on its way to the $0.52 resistance level<\/p>\n
On September 29, a ruling for the release of emails and other correspondence authored by William Hinman, former SEC Corporation Finance Division Director, was ordered by a U.S. District Court Judge.<\/p>\n
Documents being sought after by the court pertain to a Hinman speech where he stated Ethereum is not a security because it was sufficiently decentralized just like Bitcoin.<\/p>\n
Ripple, with this development, has put itself in an advantageous position to win the long-running court battle with SEC.<\/p>\n
It would appear that XPR\u2019s price is set to respond accordingly, as it is pointing towards a bullish momentum.<\/p>\n
XRP In A Rounding Bottom Pattern<\/p>\n
In crypto space, the rounding bottom pattern that is being followed by the XRP coin is a bullish reversal model that is normally seen during bearish market bottoms.<\/p>\n
Chart: TradingView.com<\/a><\/p>\n It usually signals the exhaustion of sellers that follows a downfall and the regaining of trend control by the buyers that usually trigger recovery rally.<\/p>\n During the third week of September, probably due to the positive sentiment surrounding the Ripple-SEC legal bout, the 6th largest cryptocurrency by market capitalization made a significant rally on its way to a four-month high when it traded for $0.5523.<\/p>\n But such gains were trimmed a bit as XRP, according to Coingecko<\/a>, is currently changing hands at $0.4881.<\/p>\n Still, even with lower price, the altcoin is doing well, tallying 8.5% increase for the past seven days and has been up by 7.1% for the past 24 hours.<\/p>\n XRP Taking A Short Break<\/p>\n Bitcoin\u2019s tendency to waver at the $18,300 support level is triggering effects on majority of altcoins including the XRP.<\/p>\n As for the anticipated bullish rally that comes with the rounding bottom pattern, it can be inferred that the digital asset\u2019s price is taking a short movement break, consolidating at the $0.48 mark at the moment.<\/p>\n It will take substantial volume in order for the expected uptrend to commence. If such condition is met, XRP price is seen to grow by 10% and hit the significant resistance level of $0.52.<\/p>\n The Ripple-owned token is staring at key resistance levels between $0.52 and $0.58. Meanwhile, traders are also looking at support levels of $0.44 and $0.382 for the digital asset.<\/p>\n\n XRP total market cap at $23.9 billion on the daily chart | Featured image from Cryptopolitan, Chart: TradingView.com<\/a><\/p>","protected":false},"excerpt":{"rendered":" <\/p>\n XRP is looking good, as Ripple once again scores a procedural victory in its lawsuit battle against the U.S. Securities and Exchange Commission (SEC) that has been ongoing for almost two years now.<\/p>\n XRP gains another key victory in its ongoing legal battle with SEC On September 29, a ruling for the release of emails and other correspondence authored by William Hinman, former SEC Corporation Finance Division Director, was ordered by a U.S. District Court Judge.<\/p>\n Documents being sought after by the court pertain to a Hinman speech where he stated Ethereum is not a security because it was sufficiently decentralized just like Bitcoin.<\/p>\n Ripple, with this development, has put itself in an advantageous position to win the long-running court battle with SEC.<\/p>\n It would appear that XPR\u2019s price is set to respond accordingly, as it is pointing towards a bullish momentum.<\/p>\n XRP In A Rounding Bottom Pattern<\/p>\n In crypto space, the rounding bottom pattern that is being followed by the XRP coin is a bullish reversal model that is normally seen during bearish market bottoms.<\/p>\n Chart: TradingView.com<\/a><\/p>\n It usually signals the exhaustion of sellers that follows a downfall and the regaining of trend control by the buyers that usually trigger recovery rally.<\/p>\n During the third week of September, probably due to the positive sentiment surrounding the Ripple-SEC legal bout, the 6th largest cryptocurrency by market capitalization made a significant rally on its way to a four-month high when it traded for $0.5523.<\/p>\n
\nAltcoin is up by 8.5% for the past seven days
\nXRP on its way to the $0.52 resistance level<\/p>\n