. Daily Crypto Analysis - XRP Surges 6.5% as SEC Drops Charges, Hits 3-Month High

Daily Crypto Analysis – XRP Surges 6.5% as SEC Drops Charges, Hits 3-Month High

Daily Crypto Analysis – XRP Surges 6.5% as SEC Drops Charges, Hits 3-Month High

20 Oct 2023

Introduction:

In the world of cryptocurrency, XRP shines as it records its most substantial single-day surge in three months. The U.S. Securities and Exchange Commission (SEC) has dropped charges against Ripple’s top leadership, sparking a notable price increase. XRP, ranked as the fifth-largest cryptocurrency globally, witnessed a 6.5% gain, reaching 52 cents. Meanwhile, Bitcoin experiences surging outflows in a bullish market, while Ethereum three-month downtrend persists despite a recent false rally.

Ripple:

XRP records its most significant one-day surge in three months after SEC drops charges against Ripple’s leaders.

Last Thursday, XRP experienced its most substantial daily percentage increase in three months, with the U.S. Securities and Exchange Commission (SEC) withdrawing securities-violation charges against the top executives of fintech firm Ripple.

XRP, the fifth-largest cryptocurrency globally, saw a 6.5% increase, reaching 52 cents and briefly reaching a peak of 53 cents before retracing to 51 cents at the time of reporting, as per Coin Desk data.

In a legal document filed on Thursday, the SEC concurred to drop the accusations against Ripple’s CEO, Brad Garlinghouse, and co-founder Chris Larsen. This decision comes several months after the Southern District of New York determined that Ripple’s distribution and sale of XRP on digital asset platforms did not constitute offerings or sales of investment contracts, as initially claimed by the SEC.

Technical Overview:

Moving Averages:

Exponential:

  • MA 5: 0.494 | Positive Crossover | Bullish
  • MA 20: 0.483| Positive Crossover | Bullish
  • MA 50: 0.486| Positive Crossover | Bullish

Simple:

  • MA 5: 0.488 | Positive Crossover | Bullish
  • MA 20: 0.480| Positive Crossover | Bullish
  • MA 50: 0.489 | Positive Crossover | Bullish

RSI (Relative Strength Index): 69.68| Buy Zone |Bullish

Stochastic Oscillator: 100 | Buy Zone | Positive

Resistance And Support Levels:

  • R1: 0.50| R2: 0.57
  • S1: 0.48 | S2: 0.45

Overall Sentiment: Bullish | Market Direction: Buy

Trade Suggestion: Stop Buy: 0.52 | Take Profit: 0.57 | Stop Loss: 0.49.

Elsewhere In the Crypto Market

Bitcoin outflows surge amid bullish market sentiment. The ongoing downtrend in Ethereum price, which commenced three months ago, persists this week, even in the face of a deceptive rally.

Bitcoin up (3.99%) at 29880.00, Ethereum up (3.19%) at 1,617.7, Litecoin up (3.25%) at 63.80, Solana up (12.86%) at 27.02, Doge coin up at (1.92%) at 0.59 as of writing time.

Key Economic Events & Data Release Today:

(CAD) Core Retail Sales (MoM) (Aug) Forecast 0.0%, Previous 1.0% at 18:00.

(USD) FOMC Member Mesters Speaks at 21:45.