XRP-ovi (XRP) price extended its gains on March 9, rising around 1.5% to $0.40, despite a opšti pad na tržištu kriptovaluta.
XRP price four-day winning streak
The rally in the XRP/USD pair started on March 5 with the XRP market capitalization gaining over 10% in the past four days.
In contrast, the entire crypto market capitalization has dropped by about 5% in the same period, with top coins Bitcoin (BTC) i eter (ETH) losing 4.5% and 4%, respectively.
Ripple scores early win versus SEC
XRP’s gains appear as investors pin their hopes on Ripple winning its long-running courtroom battle against the Komisija za vrijednosne papire i berzu Sjedinjenih Država (SEC).
On March 6, U.S. District Judge Analisa Torres izdat a ruling on motions filed by Ripple and the SEC to exclude the comments of expert witnesses from the upcoming summary judgment. She approved and denied the motions in part, underscoring no clear winner and loser in the matter.
However, removing the so-called “Expert No. 1,” Patrick Doody, whom the SEC roped as its primary witness to testify about the perceptions of a reasonable XRP purchaser, led XRP market participants to believe that Ripple may end up winning the lawsuit.
@SECGov SA. @Ripple . Judge Torres excludes witness #1 witness Patrick Doody (expert hired to analyze our expectations as #XRPHolders ) . How will the SEC prove that we expected a profit if Doody is excluded? Don’t sleep on this ruling, this is a big deal. #XRP
— RippleEffect (@CommonsenseXRP) Mart 7, 2023
In other words, the SEC’s argument that Ripple sold XRP as an unregistered security to gullible investors may fall flat.
As Cointelegraph reported in January, Ripple CEO Brad Garlinghouse said that he expects the lawsuit to conclude “in the coming single digit months.”
35% XRP price rally ahead?
From a technical perspective, XRP’s price may risk declining in the coming weeks as it retests a multi-month descending trendline as resistance.
The trendline has served as a capitulation point for traders since April 2021, which raises the possibility of sending XRP’s price lower in the current scenario. A successful pullback would risk pushing XRP toward $0.30, a more recent support level down 20% from current price levels.
Povezano: Zajednica poziva Coinbase da ponovo uvrsti XRP kao izvršni direktor koji se bori za ulaganje
Conversely, a breakout above the trendline may result in XRP’s price rallying toward its 200-3D exponential moving average (200-3D EMA; the blue wave) near $0.50, up 35% from current price levels, by April 2023.
Ovaj članak ne sadrži investicijske savjete ili preporuke. Svaki potez ulaganja i trgovanja uključuje rizik, a čitatelji bi trebali provesti vlastito istraživanje prilikom donošenja odluke.
Source: https://cointelegraph.com/news/why-is-xrp-price-up-today