The fifth-largest digital asset, XRP, has seen a surge in its daily average traded volume to about $1.572 billion, recording a spike of over 114 percent. This comes after the U.S. Court of Appeals for the D.C. Circuit issued a ruling in favor of Grayscale Investments and against the SEC. Following the ruling, XRP price gained over 5 percent to reach a 24-hour high of about 54 cents.The XRP community was elated after the SEC lost in the court of appeal, and the United States SEC has already filed an interlocutory appeal, which awaits either dismissal or approval from District Judge Analisa Torres. The Ripple community is expected to convene for a celebration, on September 29 in New York City, following the monumental win against the SEC last month. Furthermore, XRP has already been relisted by the cryptocurrency exchanges that had delisted it after the lawsuit began in late 2020.From a technical standpoint, XRP price is well positioned to continue in a macro bullish momentum. Following Tuesday’s rebound from a crucial support level of around 51 cents, XRP price could continue rallying in the coming weeks toward a new high for this year. In the 1-hour time frame, the XRP price was sitting on a crucial support level backed by the 50 and 200 Moving Averages (MA). If the XRP bulls take over from the current levels, the altcoin is likely to rally toward the next resistance zone of around 58 cents. Should the XRP correction continue in the coming days, crypto experts believe the altcoin could find the next major support level of around 46 cents.The future growth prospects of XRP are highly influenced by the adoption of Ripple’s payment products including On-Demand Liquidity (ODL). Already, the XRPL has found other niches in the markets through the adoption of smart contracts, which has enabled the development of NFTs, and stablecoins. As a globally traded digital asset, XRP is expected to be among the top crypto assets that are adopted by mainstream users.
This News Article was automatically generated by Bob the Bot (AI)
This News Article was automatically generated by Bob the Bot (AI)
| Information | Details |
|---|---|
| Geography | Global |
| Countries | 🇺🇸 🇬🇧 |
| Sentiment | positive |
| Relevance Score | 8 |
| People | Ripple, SEC, XRP., Analisa Torres, Grayscale Investments |
| Companies | U.S. Court of Appeals for the D.C. Circuit, SEC, eToro, FINRA, Grayscale Investments |
| Currencies | Ethereum, US Dollar, XRP, Bitcoin, NFT Stars |
| Securities | None |
