XRP bulls rally as SEC misses appeal deadline against Ripple
The post XRP bulls rally as SEC misses appeal deadline against Ripple appeared on BitcoinEthereumNews.com.
XRP bulls show up strong after the SEC missed an appeal scheduled for 16th October. Exploring the details of the appeal and why it had a big impact on XRP. XRP is finally showing signs of life after previously being stuck in a rut were prices stagnated in a sideways motion. The cryptocurrency demonstrated a build-up of bullish momentum especially in the last two days and this could have something to do with the SEC’s appeal deadline. If you have been keeping an eye on XRP, then you may have noticed that it tanked hard at the start of October. But while many of the top coins quickly bounced back, XRP went sideways indicating low demand despite the discount. XRP also demonstrated low participation in the latest rally in the market where most other coins enjoyed significant upside. However, bullish momentum has been building up this week. For instance, XRP peaked at $0.566 in the last 24 hours, extending its weekly gain by 7.67%. Source: TradingView XRP traded at $0.55 at press time after a slight pullback. Nevertheless, the cryptocurrency has demonstrated a surge in demand in the last two days. On-chain data revealed that buy volume outweighed sell pressure during the same 2-day period. We also observed a significant uptick in the number of longs indicating more confidence among investors in the derivatives segment. Source: HyblockCapital Why is XRP experiencing renewed interest The resurgence of strong bullish momentum is not a fluke but rather the result sentiment shift around Ripple’s legal battle with the SEC. The latter had previously revealed plans to file its Form C appeal against a previous ruling which stated that XRP was not a security. The appeal may explain why investors avoided XRP earlier this month. The legal battle has been weighing heavily on investor…
Filed under: News - @ October 17, 2024 9:28 pm