The fifth-largest cryptocurrency, XRP, may have its greatest week since the beginning of July, when it rose by approximately 59% as a result of a summary judgement decision in Ripple’s favour.
Data from CoinMarketCap shows that XRP was last trading up 0.01% at $0.517. At this time, XRP has gained the most since the week of July 10 when it increased by 59%, or 6.03%, for the week.
If gains continue, this week would be XRP’s first profitable week since the two profitable weeks it had between September 18 and September 25. The improvements were, however, 1.95% and 4.40%, respectively, throughout these two weeks.
It has been a successful week for XRP and Ripple in particular when the SEC on Thursday night abandoned its action against Ripple Labs, which had been accused of breaking U.S. securities law, against its CEO Brad Garlinghouse and co-founder Chris Larsen.
In response to the announcement, XRP rose to a high of $0.524 on Oct. 19, but it has since given up the gains.
XRP price action
The price of XRP, which had a strong surge on October 19, is trapped between its MA 50 and MA 200 moving averages, between $0.504 and $0.527. The next directional move can be indicated by a break above or below the moving averages.
Traders should maintain a watch on the $0.56 and $0.41 levels regardless of how XRP settles. The XRP price may begin to increase again if the overhead barrier is broken.
On the other hand, if the price drops below $0.41, XRP might see significant selling. However, the broader picture still shows price consolidation before a breakthrough.
