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Will XRP Price Rally Sustain? Here’s a Twist in the Tale

Will XRP Price Rally Sustain? Here’s a Twist in the Tale

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The long-awaited XRP vs SEC is coming to an end, and the XRP side seems more hopeful, so the XRP price rose on September 22nd, even though the crypto market is still dominated by bears.

On September 23, the price of XRP rose 35% against Bitcoin in one day, rising from 0.00002132 to 0.00002877, the highest level in 13 months.

After Ripple and the SEC filed motions with the court on September 12 for summary judgment in their ongoing litigation over Ripple's securities fraud, significant price increases in the XRP market began to appear.

In other words, Ripple and the SEC agreed that a court should decide by December 2022 whether the blockchain company illegally obtained cash by selling XRP based on the facts now known.

Since Ripple filed the suit, the value of XRP has increased by about 75% and 60% compared to Bitcoin and the dollar, respectively. This growth has been fueled by the hope that Ripple will win.

When Ripple CEO Brad Garlinghouse made the same suggestion recently with Fox Business on September 22, the buying increased.

The price increase coincides with the purchase of XRP tokens by wealthy investors since May. According to Santimenti data, the share of entities holding between one and ten million XRP tokens, sometimes sharks and whales, rose to 6.35% on September 23, 2022, from 5.43% on December 31, 2020.

On the flip side…

Ahead of the Ripple vs SEC decision, it appears that traders have bought into the rumor. Nevertheless, technical indicators for XRP point to a possible correction, although it is unclear whether this will ultimately lead to a "news sell" depending on how the decision comes out.

On September 23, the XRP/BTC Relative Strength Index (RSI) reached almost 85, well above the bought level of 70, which normally signals the start of a significant market decline or consolidation.

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