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XRP invalidates four-month long downtrend as SEC lawsuit nears “potential” end

  • The Ripple vs. Securities and Exchange Commission (SEC) lawsuit is in its final leg as both parties settled on a summary judgment.
  • XRP’s market value turned positive in the last 24 hours for the first time since May.
  • After an almost 42% rally, XRP hit the highs of $0.50 before pulling back.

The ongoing Ripple vs. Securities and Exchange Commission (SEC) lawsuit finally noted some major development over the last couple of days. This triggered a rally in the sixth biggest cryptocurrency in the world, and XRP ended up observing the highest single-day movement since May this year.

No more Ripples in the lawsuit

On September 12, both the parties filed their motions with the court, settling on a summary judgment scheduled for December 22, in order to end the lawsuit without a trial. This will call for the court to reach a verdict on the matter using only the available evidence accrued over the past 21 months. 

The trial, which began back in December 2020, will seemingly come to an end two days before completing two whole years, and the Ripple community seems to be pretty sure that the decision will be in their favor. 

Ripple’s CEO Brad Garlinghouse has even said in an interview with Fox Business that the SEC had lost its way. He added,

“People realize that the SEC is really overreaching and they are not following a faithful allegiance to the law in pursuit for an outcome.”

But even though the verdict is still far away, Ripple supporters seem to be elated at the motion filings considering this to already be a win. While the price did climb the charts, the bullishness surrounding this development also pulled XRP out of a critical negative zone.

The market value of XRP, which dipped below the neutral mark back in May due to the constant crashes, finally escaped the clutches of the bears after four months. Rising to 24%, the MVRV (market value to realized value) ratio could be seen floating above the neutral line. This also brought XRP to $0.50 on September 23.

XRP makes a mark on the charts

Reaching the highs of $0.55 during the intra-day trading, XRP’s price was at its highest in four months again. The 23% rise from Thursday almost brought the overall rally of the last 24 hours to 42% before XRP slipped to trade at $0.46.

TradingView Chart
XRP USD 24-hour price chart

The next critical resistance on the macro timeframe for XRP is $0.58. Being historically tested as strong support, this level will provide the right boost the altcoin needs to recover from here on.

Author

Aaryamann Shrivastava

Aaryamann Shrivastava is a Cryptocurrency journalist and market analyst with over 1,000 articles under his name. Graduated with an Honours in Journalism, he has been part of the crypto industry for more than a year now.

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