Compared to the Rest of the Crypto Market, XRP Shows an 8% Gain

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Last Updated on October 8, 2022 by Bitfinsider

On Friday, October 7, the cryptocurrency market as a whole came under renewed selling pressure in response to data originating from the United States concerning the unemployment rate. Ripple’s XRP, on the other hand, has chosen to gaze in the opposite direction and has gained 8% in the last twenty-four hours.

As this article is being prepared for publication, the price of XRP has increased by 7.3% to $0.52, and its market capitalization stands at $26.1 billion. The latest spike in the price of XRP comes at a time when the expansion of the Ripple network has reached a three-month high.

As a result of a slight decoupling from the rest of the cryptocurrency market today, the #XRPNetwork price increased to more than $0.52. With over 2,773 new XRP addresses being established, yesterday’s network growth was the greatest it has been in the past three months.

The present bullish sentiment surrounding XRP can also be attributed to the expectation that the SEC investigation will conclude very soon. Additionally, Ripple has the upper hand in this dispute, and it appears that the company might sustain its argument that XRP is not a security.

The move to oppose the SEC’s denial to provide two firms the permission to file Amicus Briefs in the XRP action was recently filed by defendants affiliated with Ripple. Ripple has been clearly pressing hard on every move made by the SEC, and it appears that the company is committed to see the case through to its completion before the end of the year.

Ripple’s native cryptocurrency XRP has once again managed to break past its crucial resistance of $0.50, and if the momentum continues further, analysts are expecting the price of XRP to rally all the way up to $0.66 based on the technical charts. If the momentum continues further, Ripple’s native cryptocurrency XRP has managed to break past its crucial resistance of $0.50. If it manages to stay at $0.50, it may eventually hit $0.56, $0.61, and $0.66 if it continues to rise.

The monthly close for XRP in the month of September proved to be the greatest of any month in the entire year 2022. In addition, historically speaking, October has been a favorable month for the cryptocurrency market as a whole. A much-needed lift to the price of XRP could potentially be provided by this development.

The case of Ripple versus the SEC, which might be a big event that breaks new ground for XRP holders, will have everyone’s full attention.

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