XRP rallies by 11% after Ripple scores a win against SEC
XRP is the best performer amongst the top 10 cryptocurrencies by market cap today after rallying by more than 10%.
XRP, the native coin of the Ripple ecosystem, is the best performer amongst the top 10 cryptocurrencies by market cap on Friday. The rally comes after Ripple scored an important win in its ongoing case with the United States Securities and Exchange Commission (SEC).
The positive performance coincides with that of the broader cryptocurrency market. The total crypto market cap is close to $950 billion after adding more than 1% to its value in the last 24 hours.
Bitcoin, the world’s number one cryptocurrency, could be heading towards the $20k resistance level after adding more than 1% to its value today. Ether is also up by more than 1% and is trading at $1,345 per coin at press time.
XRP’s rally comes after the United States District Court Judge Analisa Torres overruled the SEC’s second attempt to withhold the documents relating to former Division Director William Hinman.
#XRPCommunity #SECGov v. #Ripple #XRP BREAKING: JUDGE TORRES OVERRULES THE SEC’S OBJECTIONS AND ORDERS THE SEC TO TURN OVER HINMAN DOCUMENTS. https://t.co/FzcdgNX59Z
— James K. Filan 🇺🇸🇮🇪 115k (beware of imposters) (@FilanLaw) September 29, 2022
According to the documents, Hinman said Bitcoin and Ether are not securities. The SEC has now been asked to release the documents, and Ripple believes they contain a key piece of evidence in the case the SEC has brought against it.
Key levels to watch
The XRP/USD 4-hour chart has turned bullish as XRP has been performing well over the last few hours.
XRP/USD Chart By TradingView
The MACD line crossed from the negative zone into the positive region, indicating that the bulls have regained control of the market.
The 14-day relative strength index of 63 shows that XRP could enter the overbought region if the rally continues.
At press time, XRP is trading at $0.49010 per coin. If the bulls remain in charge, XRP could surge past the $0.5413 resistance level before the end of the day.
Unless there is an extended rally, XRP could find it hard to move past the $0.69440 resistance level over the weekend.
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