Investing.com – The top 10 crypto top bulls pranced on Friday, with a 9.15% 24-hour gain, just above the key psychological threshold of $0.5.
XRP is benefiting from positive sentiment in cryptocurrencies and the markets in general this Friday, but the rise has also been reinforced and helped by several recent good news.
In particular, the famous Canadian crypto-currency exchange Newton Crypto, which had removed XRP from its program as part of the complaint, announced last night through the voice of its CEO and co-founder Dustin Walper that XRP is again available on the platform.
Earlier this week, the Coinbase (NASDAQ:) platform also joined the camp of those who support against the SEC, which also increases the chances of seeing XRP quickly available again on the platform.
In this regard, it should be noted that the CEO of Ripple, Brad Garlinghouse, tweeted last night that no less than 12 companies had joined his fight against the SEC, via a special procedure which allows entities not directly involved in a lawsuit to testify and provide input.
“For those of you keeping count, 12 (!) amici have been submitted. It’s unprecedented (I’m told) for this to happen at this point. They each explain – in their own way – the irreparable harm the SEC will do to every facet of the US crypto economy if it gets its way,” Garlinghouse wrote.
Recall that the SEC accuses Ripple of having carried out an issue of securities illegally by marketing XRP, while Ripple disputes the qualification of XRP as a security.
Ultimately, much of XRP’s rise today, as in recent weeks, is driven by growing hopes that Ripple will win its SEC fight. This would be very positive not only for Ripple, but for the crypto industry as a whole, as an SEC victory would set a precedent that would effectively subject most cryptos to unsuitable SEC regulations.
Technical thresholds to watch on Ripple XRP
From a graphical point of view, today’s rise has allowed XRP to break out of the sideways range that has framed its movement since October 21, and to break above the key psychological threshold of $0.5, as seen. on the H4 chart below.
Now, XRP faces resistance at $0.5120, ahead of $0.5285/$0.53 and then the October 9 high at around $0.5470.
On the downside, a return of XRP below the $0.50 threshold would expose the next support near $0.4835, before the low of the former consolidation range at 0.4450, then the low of October 20 at $0.4295.