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Ripple (XRP) up 25 percent: breakout of range

 


Crypto markets saw small gains on Sept. 22 as Bitcoin ( BTC ) price surged 4.7 percent to trade above $19,300. Ether ( ETH ), meanwhile, is up 6.5 percent to climb above $1,300. 


RSR and Astar Network (ASTAR) were also up 23 and 17 percent, respectively. XRP recorded the biggest price increase of the day .


So far, XRP price is up nearly 25 percent and the asset is up 41 percent over the past month. Ripple Labs filed a summary judgment request on Sept. 18, according to defense attorney James K. Filan. This is a legal process in which the court makes a final decision based on the facts presented, rather than conducting a trial. A decision on whether XRP is a security is expected by mid-December.



The excitement of this news could improve investor sentiment towards XRP in the long-term.


According to technical analysis, XRP price is about to make a second daily close above a long-term resistance at the downtrend line. Trading volume and open interest in futures contracts has surged over the past 24 hours.


Cointelegraph market analyst Marcel Pechman commented:


“XRP open interest is now $575 million. A week ago it was $310 million.”

Traders who have no positions yet could wait and see if the 200-day moving average at $0.49 turns into support during the next daily close. Typically, intraday and swing traders take profits at longer-term resistance levels. They expect further declines and retesting of support to lower levels if an asset has broken out of a long period of consolidation, above a bottom, or if there has been a move that changes market structure.


Crypto analytics data provider TheKingfisher has commented on something similar. He believes that buyers "probably have an opportunity to buy XRP cheaper."

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