The cryptocurrency market may finish the week on a positive note, with XRP leading gains among the top 10 coins by market capitalization.
XRP, the native token of the Ripple ecosystem, is currently the best performer among the top 10 cryptocurrencies by market cap. Over the past 24 hours, XRP has risen more than 18%, significantly outpacing the broader market.
The surge comes as the overall crypto market attempts to close the week higher. The market is up by just under 1% in the last 24 hours, with total market capitalization approaching the $950 billion mark.
Bitcoin remains trading above the $19,000 level, though it dipped slightly and is down by less than 1% in the past day.
Ethereum has reclaimed the $1,300 area, gaining over 2% so far today.
XRP’s rally follows Ripple Labs’ filing of a motion for summary judgment in its long-running case with the United States Securities and Exchange Commission (SEC).
After that filing, a ruling on whether XRP constitutes a security is expected by mid-December, an outcome that could have meaningful implications for XRP and the wider market.
#XRPCommunity #SECGov v. #Ripple #XRP 1/2 The parties have filed a request that any motions by third-parties to seal portions of the parties’ summary judgment filings be filed subject to the Court’s September 12, 2022 order. pic.twitter.com/J6rbeRXmHi
— James K. Filan 🇺🇸🇮🇪 (@FilanLaw) September 19, 2022
Key levels to watch
The XRP/USD 4-hour chart looks strongly bullish after recent price action. Technical indicators suggest XRP is outperforming the broader cryptocurrency market over the short term.
XRP/USD Chart By TradingView
The MACD line sits well into positive territory, signaling bullish momentum for XRP. The 14-day Relative Strength Index (RSI) reading near 67 indicates that XRP could enter overbought conditions if buying pressure persists.
At the time of writing, XRP is trading around $0.50077. If the rally continues, XRP could challenge the $0.6119 resistance level for the first time since May.
To reach the next resistance area near $0.66272, XRP would likely need sustained support from the broader crypto market.
Where to buy now