XRP price breaks out of range with a 25% rally, but why? cryptomarketbag Altcoin update

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The crypto market is shining a bit green on September 22 as Bitcoin (BTC) price gained 4.7% to trade above $19,300 and Ether (ETH) gained 6.5% to reclaim the $1,300 level. increased of.

RSR and Astar Network (ASTAR) also gained 23% and 17% respectively, but the more notable mover of the day was XRP.

Currently, the XRP price represents a gain of around 25% and the asset is up 41% over the past month. Defense attorney James K. According to Fillon, on September 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 A security is expected by mid-December.

The excitement over the news could improve investor sentiment regarding the long-term prospects for XRP.

RELATED: Crypto and 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 descending trendline resistance and trading volume and open interest on futures contracts have risen sharply over the past 24 hours.

XRP/USDT 1-Day Chart. Source: TradingView

According to Cointelegraph market analyst Marcel Pechman:

“The open interest of XRP has now increased to $575 million from $310 million a week ago.”

Traders who haven’t positioned yet can consider waiting to see if the 200-day EMA at $0.49 flips to support on the next few daily closes. Typically, intraday and swing traders take profits at longer-term resistance levels and also anticipate price rejection and short support when an asset manages to breakout from periods of long consolidation, price downs or market structure-changes. Is.

Crypto analytics data provider TheKingfisher suggested that buyers “could have an opportunity to short XRP.”

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, so you should do your own research when making a decision.

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