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The trade volume of XRP increased by $7 billion during the past week.
Ripple’s XRP price, surprisingly, is leading the crypto market recovery, after rallying over 30% in the last two days. XRP has seen red most the most part of the year as the legal battle with the SEC continues to drag on.
The digital coin is now the best-performing cryptocurrency among the top 100 on CoinMarketCap over the past 24 hours, thanks to the recent price uptick. XRP’s recent price surge saw its price soar to $0.559 on the Binance exchange in the early stage on Friday. The coin at press time was trading at $0.536, up 27.26% in the last 24 hours. The trade volume of XRP also increased by as much as $7 billion during the past week, increasing the $20 billion threshold from the previous week.
XRP’s recent price rally has been mostly linked to the latest development in the Ripple and the US Securities and Exchange Commission court case.
December 9, has been set as the deadline for any motion to seal by third parties while the final date to oppose any motion has been scheduled for December 22.
The Court on September 22, also reviewed the request by the Chamber of Digital Commerce, a cryptocurrency lobby group, for leave to file an amicus curiae brief, and the parties’ responses, and has granted the Chamber’s request.
The lobbying group in their request highlighted the need for regulatory clarity. The summary judgment motion has been lauded by market experts as a clever strategy that may result in a settlement by the SEC as Ripple Labs is arguing that there is no investment contract in place.
The sentiment around Ripple’s case with the SEC also led to a strong buying pattern with XRP over the last seven days, as the price of the digital coin jumped as much as 63% over the period. Additionally, technical analysis has also revealed that XRP, at the current levels, is breaking the 18-month trend on the volume front. The cryptocurrency is also breaking a 22-month trend on the RSI.
These observations point to a tremendous purchasing opportunity for XRP, according to research by influencer Crypto Banter.
“XRP is breaking the 18-month trend on the volume front and the 22-month pattern on the RSI front. This is obviously extremely high time frame bullish news like the once in a while crazy pump,” he stated.
The shorter-term symmetrical triangle that XRP was in has already been broken, as it managed to reclaim the $0.38 resistance area, which is now expected to provide support.
Furthermore, the daily RSI has moved above 50, a sign that the trend is bullish.