According to U.Today, XRP, the cryptocurrency associated with Ripple, is once again outperforming the broader market. Data from CoinMarketCap indicates that XRP has risen by 6.16% over the past 24 hours, making it the second best-performing cryptocurrency in the top 100, following Aave's AAVE token. Other cryptocurrencies such as Neo (NEO), Tron (TRX), and Sui (SUI) have also seen notable gains in the same period.
XRP has managed to reclaim the $0.6 level after adding 2.3% in the past hour alone. This surge comes after XRP formed a golden cross pattern, where the token's short-term moving average crosses a long-term one, indicating strong bullish momentum. However, it is important to note that this pattern is often a lagging indicator.
In early August, XRP experienced a significant price rally following a summary judgment in the SEC v. Ripple case, with the token's price increasing by approximately 27% on August 7. Despite this, some analysts correctly predicted that the rally would be short-lived, and by August 11, XRP's price had retraced to $0.54, losing around 15%.
Currently, XRP is up 41% after bottoming out at $0.43 on August 5 during a widespread crypto market crash. Ripple's top lawyer, Stuart Alderoty, has recently clarified that XRP's legal status would remain secure even if the SEC were to appeal the case.
