XRP managed to reach $0.53 on October 10 but was unable to hold that position as the crypto declined over the next few days.
The Ripple Labs-created altcoin failed to capitalize on the October 25 crypto market mini rally to revisit that particular price zone as it struggled to keep up with the likes of Dogecoin, Solana, Cardano and even Shiba Inu in tallying significant gains during that time.
However, over the last few days, the cryptocurrency started to paint its charts in green as it recorded notable upswings.
At the time of this writing, according to tracking from Coingecko, the digital asset is trading at $0.49 and has increased by almost 7% over the last 24 hours.
Over the last seven days, XRP managed to grow by 4.6% and during the past two weeks and increased by 7.3%.
XRP Will Be Bullish If Bears Don’t Intervene
A look at its daily charts indicates the digital coin managed to create enough room for it to continue moving up over the next few days. That is, if bears don’t ruin XRP’s momentum.
One of the good signs for the asset is that it was able to surpass its 200-day moving average which confirms a relatively strong performance during the next sessions.
Image: Watcher Guru
If the crypto manages to stay in that particular region, a near-term rally is likely to come as buyers will look to retest the $0.53 level which the asset hasn’t been able to hit since October 10.
If the testing is successful, XRP price pattern indicates more upward swings might happen for the digital coin.
However, in the event of failure to sustain the crucial moving average position, selling pressure could start to intervene with the rally and will eventually pull XRP back to $0.44.
In summary, the cryptocurrency is looking at $0.53 and $0.44 as its immediate destination as it enters a highly volatile state.
Ripple Still In Legal Tussle With SEC
Since 2020, the U.S. Securities and Exchange Commission (SEC) and Ripple has engaged each other in a legal battle that the crypto’s immediate community is expecting to come to an end soon.
November 18, 2022 will be marked boldly on the calendar of the two parties as it is the date when the decision for Ripple’s request for summary judgment will be ready.
John Deaton, an advisor of the company for the legal dispute, said response briefs is due to be released on November 15 and censored public copies of such will be made available on November 21.
Although there are speculations that final decision concerning the lawsuit will still take some time, XRP investors and community members are looking forward for a closure in the court showdown that has greatly affected the progress of the crypto asset.
XRPUSD trading at $0.4942 on the weekly chart | Featured image from Fox Business, Chart: TradingView.com