(Commonwealth union)_After testing resistance levels at $0.50, XRP has continued to climb today and is up about 3% in the past 24 hours. Investors in XRP are still waiting for a significant breakout amid bullish optimism and the conviction that Ripple would prevail in its two-year legal battle against the US Securities and Exchange Commission (SEC).
Although the crypto markets are typically pessimistic in September, XRP ended the month having had its greatest month since 2022. Given that October is often a positive month for cryptocurrency cycles and that the high-profile court case appears to be in XRP’s favour, the price of the token may rise sharply over the next few days and weeks. The bulls look to have grabbed control of XRP, as CryptoNews previously observed on Tuesday and Wednesday, with investors and traders pushing major price action in the near term.
Late on Wednesday, the currency tested $0.50 after breaking out of the symmetrical triangle. Although there was some price correction, the coin found crucial support at $0.49 and now seems to be breaking out further.
October is typically a bullish month for cryptocurrency cycles, and the high-profile court case appears to be in XRP’s favour, so the token may experience sharp price increases in the days and weeks to come. Being second only to Bitcoin, Ethereum, and the three major stablecoins in terms of volume, $2.27 billion, is also quite positive for short-term price increases (USDT, USDC, BUSD). The primary factor behind XRP’s recent success, where it has grown by around 50% since early September, is the ongoing success of its legal battle with the SEC.
Many analysts and observers think that Ripple, the parent firm of XRP, is now likely to prevail in the well-known lawsuit.
In the most recent significant development, US District Court Judge Analisa Torres permitted the use of emails authored by former SEC staffer William Hinman in their defence. According to the emails of the senior employee, who served as the director of the Corporation Finance Division, ether (ETH) is not a security because, like Bitcoin, it is “sufficiently decentralized. The purported remarks form the basis of Ripple’s defence.
Many well-known cryptocurrency analysts think that XRP will see a parabolic rise and surpass its all-time high of $3.84 in January 2018 if it were to achieve a historic victory over the SEC.
