XRP Surges: What’s Behind the Sudden Price Increase?

XRP’s price increased by almost 4.25% to reach $0.461 on May 17, its highest in over a week, following Ripple’s small win in its legal battle against the U.S. Securities and Exchange Commission (SEC). XRP’s gains were sustained despite the broader cryptocurrency market, led by Bitcoin (BTC) and Ether (ETH), which saw moderate losses of 1% in the last 24 hours. This judgment, delivered by U.S. District Judge Analisa Torres, denied the SEC’s motion to seal the agency’s internal communications that occurred after a speech by its former chairman, Willian Hinman, in June 2018, wherein he argued that Ethereum’s Ether token is not a security asset. The judgment could give Ripple an advantage in its fight by enabling it to prove that XRP is not a security. Moreover, technicals indicate a possible price correction in May with XRP facing downside pressure from its 50-day exponential moving average (50-day EMA; the red wave) near $0.454 and a short-term descending trendline resistance. In the case of a pullback, XRP will likely get support at $0.42 in May, down 5.5% from current price levels. Trading volumes for XRP-related pairs on Binance increased by over 200% in 24 hours as the price rallied, indicating that the move could have momentum behind it. In the case of a decisive break above the resistance confluence, XRP’s price could reach $0.50 as its June target. However, investors should conduct their own research when making investment decisions because this article does not provide investment advice or recommendations.

J-S Tremblay
About the author - J-S Tremblay

I've been involved in the cryptocurrency world since 2016 and trading since 2019. I started Moon and Lambo in 2021. I'm passionate about crypto and love to share my knowledge. I hate bankers and I hope that cryptocurrency will change the financial world for the better. View full profile...

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