The cryptocurrency market could end the week on a positive note, with XRP being the top performer in the top 10 coins by market cap.
XRP, the original coin of the Ripple ecosystem, performs best in the top 10 cryptocurrencies by market cap. XRP has added over 18% in the last 24 hours, outperforming the broader crypto market.
The rally comes as the broader crypto market appears to be closing the week on a positive note. The crypto market is up less than 1% in the past 24 hours, with a total market cap of nearly $950 billion.
Bitcoin continues to trade above the $19k level but could fall below it as BTC is down less than 1% in the past 24 hours.
The ETH is trading above $1,300 again after adding more than 2% to its value so far today.
XRP’s rally comes after Ripple Labs filed a motion for summary judgment in its case with the United States Securities and Exchange Commission (SEC).
Following this motion, a decision is expected in mid-December on whether XRP is an effect.
#XRPCommunity #SECGov v. #Ripple #XRP 1/2 The parties have requested that any requests by third parties to seal portions of the parties’ filed summary judgments be made subject to the court’s decision of September 12, 2022. pic.twitter.com/J6rbeRXmHi
— James K. Filan 🇺🇸🇮🇪 114k (beware of cheaters) (@FilanLaw) September 19, 2022
Main levels to watch
The XRP/USD 4 hour chart is extremely bullish as XRP has performed well in recent hours. The technical indicators show that XPR is outperforming the broader cryptocurrency market.
XRP/USD Chart by TradingView
The MACD line is deep in the positive territory, indicating bullish momentum for XRP. The 14-day relative strength index of 67 shows that XRP could enter overbought territory if bullish momentum continues.
At the time of writing, XRP is trading at $0.50077 per coin. If the rally continues, XRP could rise past the $0.6119 resistance level for the first time since May.
However, it would need the support of the broader crypto market to reach the $0.66272 resistance level in the near term.
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