25% Rally Helps XRP Breakout From The Range Outperforming Bitcoin And Ether

On September 22, a positive movement was recorded for the major cryptocurrencies. It was almost the entire cryptocurrency market that entered positive territory, witnessing greens after a major dip.

Most Notable Surges

On September 22, many cryptocurrencies experienced a rally but some cryptocurrencies recorded rallies stronger than the rest.

The trading price of Bitcoin (BTC) recorded a 4.7% surge as it traded over the $19,300 mark. The trading price of Ether (ETH) recorded a 6.5% surge and was able to successfully recapture the trading level of $1,300.

Astar Network and RSR were among the top gainers. The trading price of Astar Network (ASTAR) recorded a 17% surge while the trading price of RSR recorded a 23% surge.

XRP’s Performance on September 22

The highest gainer on September 22 with almost 25% without a doubt was XRP. The asset has proven to be one of the best performers in the past month.

The graph shows that in the past month, its value has surged by 41%. It is worth mentioning that despite the recent surges, XRP has not been able to perform at its full potential.

The reason is the ongoing lawsuit fight between Ripple and the US SEC. In recent months, multiple rulings have gone in favor of XRP but the case does not seem to be ending.

Motion Filed by Ripple Labs

The reason behind XRP’s strong jump on September 22 was due to a recent move made by Ripple Labs against the US SEC in court.

James K. Filan, the defense lawyer for Ripple Labs filed a motion at the court on September 18 demanding summary judgment.

This meant that Ripple Labs wanted the judge to make the final decision based on the evidence and facts that were provided at the court.

The motion has requested that the decision be made by mid-December when the judge must announce whether XRP is authorized security or not.

As the report came out surrounding Filan’s motion, it sent a frenzy of excitement among the supporters of Ripple and XRP.

With the dispute between Ripple Labs and the US SEC coming to a conclusion, many investors’ sentiments have been refreshed in favor of XRP.

Investors to Wait and Watch How XRP Acts

According to the technical analysis of XRP, the digital asset is moving in an upward direction. It may continue moving higher with strong sentiments injected into the investors.

There are still many investors who would want to see XRP cross more resistance levels before they contribute to the rally. They would want to see XRP cross the $0.49 (200-day SMA) before they start investing in XRP.