Crypto markets flash some green on September 22 as Bitcoin (BTC) price surged 4.7% to trade above $19,300 and Ether (ETH) surged 6.5% to recover the $1,300 level.
RSR and Astar Network (ASTAR) were also up 23% and 17% respectively, but the most notable mover of the day was XRP.
Currently, the price of XRP reflects a gain of close to 25% and the asset is up 41% in the past month. According to defense attorney James K. Filan, on Sept. 18 Ripple Labs filed a motion for summary judgment, a legal process that involves the court making a final decision based on the facts provided, rather than ordering a trial , and a decision on whether XRP is a security is expected in mid-December.
#XRPCommunity #SECGov v. #Ripple #XRP 1/2 The parties have requested that any third-party motions to seal portions of the parties’ summary judgment filings be filed subject to the Court’s September 12, 2022 order. pic.twitter.com/J6rbeRXmHi
— James K. Filan 113k (beware of imposters) (@FilanLaw) September 19, 2022
The excitement over the news could improve investor sentiment about XRP’s long-term prospects.
Related: Crypto, Stocks Soften Ahead of Fed Rate Hike, But XRP, ALGO, and LDO Look ‘Interesting’
From a technical analysis perspective, XRP price is looking to secure a second daily close above a long-term downtrend line resistance and trading volumes and open interest in futures contracts have increased sharply in the last 24 hours.
According to Cointelegraph market analyst Marcel Pechman:
“XRP open interest is now $575M vs $310M just a week ago.”
Traders not yet positioned might consider waiting to see if the 200-day moving average at $0.49 reverses to support during the next daily close. Intraday and swing traders typically take profits at long-term resistance levels and also anticipate price rejections and lower support retracements after an asset manages a breakout of a long consolidation period, price bottoms, or a move that alter the structure of the market.
Crypto analytics data provider TheKingfisher pushed a similar point by suggesting that buyers would “probably have an opportunity to push XRP lower in the long term.”
You will probably have a long chance $XRP lower if that’s what you’re looking for
No FOMO, long long clearances https://t.co/jmaCFVVOvn pic.twitter.com/TP9SW6OmXO
— TheKingfisher (@kingfisher_btc) September 22, 2022
The views and opinions expressed herein are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and business move involves risk, you should do your own research when making a decision.