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This is Why XRP Price Is Rallying Hard – How Long Will The Bulls Sustain?

This is Why XRP Price Is Rallying Hard – How Long Will The Bulls Sustain?

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A favorable court decision in the US Securities and Exchange Commission (SEC) case against Ripple could lead to an increase in the price of XRP, the company’s token.

The SEC alleged that Ripple had been selling unregistered securities in the form of XRP tokens, and the case was set to go to trial. However, on Sept. 18, Ripple Labs filed a motion for summary judgment — a legal procedure in which a court makes a final decision based on submitted facts instead of requiring a trial, according to defense attorney James K. Filani. whether XRP security is expected by mid-December.

The court's positive impact on XRP price

The recent court ruling has had a positive impact on the XRP price, pushing it above the 25% key resistance level. This rise has led to speculation that XRP could be at the start of the altcoin era, when many small-cap cryptocurrencies begin to rise in price.

If Ripple Labs' summary judgment is accepted, it is possible that the price of XRP could continue to rise as investors gain confidence in the token's legal status. However, it is also possible that the SEC may appeal the decision, delaying the price increase.

Source: Trading View

According to XRP technical analysis, XRP is currently trading at $0.539. In the last 24 hours, it has traded as low as $0.4126 and as high as $0.5418, with a trading volume of $6,244,731,514 and a market capitalization of $53,699,837,022.

Current resistance levels are $0.55 and $0.60, while support levels are $0.48 and $0.45. The MACD and RSI indicators are both showing bullish signals, suggesting that the price may continue to rise in the short term.

Investors should still be cautious when investing in XRP, as the lawsuit is far from over and the price could drop if the Ripple Labs deal fails. Nevertheless, the recent price increase is a positive sign for the future of the token

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