XRP has tested resistance levels at $0.50 and is currently up nearly 3% in the last 24 hours.
XRP investors continue to wait for a mass breakout amid bullish sentiment and the belief that Ripple will prevail in its two-year legal battle with the US Securities and Exchange Commission (SEC).
Although September is typically a bearish month for the cryptocurrency markets, XRP ended the month with its best month since 2022.
The high-profile court case reportedly favors XRP, and October is typically a bullish month in crypto cycles, suggests that the token’s price could surge in the coming days and weeks.
XRP Testing Resistance
The token tested $0.50 late on Wednesday, breaking out of the symmetrical triangle. Despite some price decline, the coin found support at $0.49, and it now appears to be breaking out even further.
If it continues to move past $0.50, the next level of resistance will be $0.56, followed by $0.61, and possibly even $0.66.
At $2.27 billion, the volume is also very positive for short-term price increases, trailing only Bitcoin and Ethereum and the three main stablecoins (USDT, USDC, and BUSD).
XRP vs SEC Court Case
The continued good news in XRP’s legal case against the SEC is the primary factor in the cryptocurrency’s continued success over the past month, when it has increased by nearly 50% from early September.
Ripple, the parent company of XRP, is now on track, according to numerous analysts and commentators, to win the high-profile case.
In the most recent significant development, a US District Court Judge named Analisa Torres permitted the use of emails written by former SEC employee William Hinman in their defense.
According to the senior employee’s emails, who was the Director of the Corporation Finance Division, ether (ETH) is not a security because, like Bitcoin, it is “sufficiently decentralized.”
The alleged comments are a cornerstone of Ripple’s defense.
A significant victory for XRP over the SEC, according to a number of prominent analysts in the crypto community, would send the coin skyrocketing and surpass its January 2018 all-time high of $3.84.
Is the Elon Musk Twitter Deal Positive?
Elon Musk returning to his $44 billion Twitter deal has also been taken as a good sign for XRP.
Many people think that Musk, a well-known crypto user and fan, will add tipping and payment options to the social media site where crypto can be sent.
If that change occurs, Dogecoin is anticipated to benefit the most, but other coins, such as XRP, are also anticipated to gain.
CBDCs and Binance
Financial messaging system SWIFT completed testing for a global central bank digital currency (CBDC), as reported by Reuters on Thursday morning. Over the course of the past eight months, the system tested a variety of different protocols.
Although the protocols that were used were not named, XRP and its Ledger are a well-known CBDC solution that many anticipate will see widespread institutional adoption if it prevails in its lawsuit against the SEC.
Finally, Binance, the largest centralized exchange in the world, has maintained its support for XRP by hinting that they anticipate Ripple’s success in their case.
The exchange not only added XRP to their “Learn & Earn” section, but they have also started offering it as a Dual Investment, which lets users buy or sell the cryptocurrency at any price they want while earning a high interest yield.
Despite the attractiveness of XRP, diversification is essential in any portfolio.IMPT, a brand-new eco-friendly cryptocurrency that has sold $1 million in just three days of presale, appears to be another coin poised for significant gains in the months to come.