XRP Booms as Ripple Execs Request to Expedite Case

  • XRP is booming despite most leading altcoins struggling to reestablish key support levels.
  • At the time of writing, XRP price has gained 11.7% in the last 24 hours.
  • The XRP surge is in sync with Ripple executives filing a motion to expedite the case.

The price of XRP has been on a continuous climb in the last two days despite the greater crypto market having a tough time in reestablishing key support levels. In fact, in the last 7 days, only XRP gained in price among the top 20 cryptocurrencies.

At the time of writing, XRP is changing hands at $0.39, according to CoinGecko. This translates to a daily and weekly gain of 11.7% and 9.1%, respectively.

XRP/USDT 4-hour chart (source: TradingView)

As seen on the chart above, XRP is trading way above the 50-day and 200-day Simple Moving Averages (SMAs). It was also able to retake the $0.35 to $0.36 support zone without much resistance.

There is also considerable trading activity happening, so the price of XRP is something that many traders are observing keenly since September 16. What is more, the Relative Strength Index (RSI) at 70 shows that a lot of people have purchased XRP.

Interestingly, Ripple Labs and key leaders, namely CEO Brad Garlinghouse and Executive Chairman Chris Larsen have filed a motion for Summary Judgment seeking judgment as a matter of law.

In essence, the motion aims to expedite the lawsuit by requesting the presiding judge to make a final decision via a Summary Judgment. 

For those who have not been up to date with the Ripple lawsuit, the Summary Judgment means that the judge will decide if XRP is indeed a security and that Ripple has violated the law by selling XRP without prior notice or filing to the US Securities and Exchange Commission (SEC).

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Jesus covers news related to the crypto space in Asia and in Australia, although he follows the latest events in the US and Europe as well. He is most interested in the blockchain gaming and regulation aspects of the industry.