How XRP Pulled Off A 33% Rally Over The Past 7 Days

Ripple (XRP) price has registered an impressive 33% advance above the key resistance zone as seen in the past week. XRP notably spikes by 10% on September 22 Ripple confident to win legal feud against SEC The token also skyrocketed 10% as seen on September 22, as the crypto market plunged in a sea of red. Although a bit of improvement with Bitcoin raking up gains by 4.9% and Ethereum spiking by 7.3%, XRP was still leading that day. According to CoinMarketCap, XRP price is up by 4.47% or trading at $0.5051 as of this writing. Related Reading: Polkadot Suffers 10% Weekly Loss On Hawkish Fed – Time To Buy DOT? Update On Legal Feud With SEC Raises Investor Optimism XRP price demonstrates a surge of over 45% as seen since August. Reportedly, Ripple Labs has recently filed a motion for summary judgment on September 18 which involves allowing the court to wrap it up and make a final decision based on the facts presented in line with whether XRP is to be considered a security. The recent update on the legal proceedings has stirred some optimism and pumped up investor sentiment regarding the long-term haul of XRP. More so, the open interest of XRP has notably improved as it has increased to $575 million from just $310 million in the past week. Traders who are looking to get in should wait for the 200-day EMA set at $0.48 to see if it would swing to support in the coming days. As of press time, XRP’s total market capitalization is at $2...