According to CoinMarketCap, the XRP price has risen about 6% in the previous 24 hours, outperforming the other top ten cryptocurrencies in terms of market capitalization. The XRP price fell significantly from April 16 until it reached support at roughly $0.56, which halted the falls. XRP began its upward trend on May 1 and has gained about 12% since then.
At the time of publication, XRP is trading at $0.61, having previously reached intraday highs of $0.63. Despite delays in the Ripple SEC litigation, XRP’s recent bounce appears to be backed by strong technical and investor sentiment toward XRP.
The relative strength index (RSI) on XRP charts reached oversold levels, indicating that the recent heavy selling was nearing its end and investors should start looking for entry point opportunities on the buy-side.
The relative strength index (RSI) is a technical analysis indicator that determines whether an asset is overbought or oversold by measuring the magnitude of recent price fluctuations. When the RSI reading falls below 30, the asset is considered oversold. The greater the negative value, the more likely a relief rally.
Despite the delays in the Ripple-SEC lawsuit, investors remain optimistic.
Ripple CEO Brad Garlinghouse said the company is already working as if the lawsuit had been dropped “Justice is denied when it is delayed. Unfortunately, justice is being delayed as a result of the SEC’s ongoing efforts to push things out.” The top executive claims that the SEC has been dragging its feet and accuses the SEC of concealing its notes despite claiming to be all about disclosure and transparency. Despite the lengthy dispute, Ripple claims to be seeing record-breaking growth outside of the US.
Judge Analisa Torres modified the briefing schedule for Ripple and the SEC in the most recent court ruling, ordering that all motions excluding expert testimony be fully briefed by the end of August. Any summary judgment motions must be filed by September 2022. Similarly, motions for summary judgment must be fully briefed by Nov. 15, which is another encouraging sign.