XRP trades at $0.61 after reaching intraday highs of $0.63 previously
According to CoinMarketCap, the price of XRP has risen nearly 6% in the past 24 hours, outperforming the rest of the top 10 cryptocurrencies by market capitalization. The price of XRP steadily declined from April 16 until support was reached at around $0.56, which halted the declines. XRP resumed a positive rise on May 1 and has jumped almost 12% since then.
At the time of publication, XRP trades at $0.61 after reaching intraday highs of $0.63 earlier. XRP’s latest rebound seems to be supported by favorable technical and investor sentiment regarding XRP despite delays in the Ripple SEC lawsuit.
As previously reported by U.Today, the Relative Strength Index (RSI) on the XRP charts has reached oversold levels, a signal that the recent sell-off is running out, and investors may start looking entry point opportunities on the buy. -side.
The relative strength index (RSI) is a technical analysis indicator that measures the extent of recent price fluctuations to gauge whether an asset is overbought or oversold. If the RSI reading declines below 30, the asset is deemed oversold. The bigger the negative value, the greater the chances of a relief rally.
Investors Remain Positive Despite Ripple-SEC Lawsuit Delays
As reported by U.Today, CEO Brad Garlinghouse said that Ripple is already operating as if it had lost the lawsuit, stating that “Justice delayed is justice denied. Unfortunately, justice is delayed by the SEC’s ongoing efforts to to make things progress.” The top executive says the SEC is dragging its feet and accusing the SEC of hiding its ratings when it claims they are all about disclosure and transparency. Despite the lengthy lawsuit, Ripple says it is seeing record growth outside of the United States.
In the latest court ruling, Judge Analisa Torres modified the briefing schedule for Ripple and the SEC, ordering that all motions excluding expert testimony be fully briefed by the end of August. Any motions for summary judgment must be filed by September 2022. Likewise, motions for summary judgment must be fully briefed by Nov. 15, which remains yet another positive sign.
