XRP price has turned bullish after a US court denied the Security and Exchange Commission's appeal motion to file an interlocutory appeal over the XRP lawsuit. The remittance token responded with an 8% jump in the price to reach a high of $0.547 on Tuesday.
At the time of writing, XRP is trading at $0.537, up by 5% over the last 24 hours. With such an increase, XRP leads the top-capped cryptocurrencies in gains on Oct. 4. The other top gainers are Stellar (XLM) which has increased by 2.62% in the last 24 hours, Gala (GALA), up 1.7% and UNUS LEO (LEO) which has rallied 2.11%. Frax Share (FXS) closes the list of top gainers with a 1.4% leap over the same timeframe.
Ripple Labs, the company behind the XRP token, has yet again received a favorable ruling from District Court Judge Analisa Torres. In the ruling, Judge Torres denied the SEC's request to appeal its defeat in the case.
During the hearings, the Judge stated that the regulator didn't provide any proof for the court to consider their interlocutory appeal. Instead, it focused on how the court's understanding of the Howey test was wrong.
Judge Torres, who previously ruled in July that the direct sale of XRP to consumers did not violate securities regulations, stated on Tuesday that the SEC had not demonstrated significant flaws in her previous decision. The SEC had sought to challenge the ruling prior to the final judgment scheduled for early next year.
This marks another failed attempt by the agency to bring XRP under the US securities laws. The Southern District Court of New York has now locked the next trial date of April 24, 2023.
This marks another minor victory for the San Francisco-based crypto company, and the market reacted accordingly. The XRP price surged by as much as 8% from a low of $0.506 to slightly over $0.54 after the news.
XRP's rally on Tuesday was accompanied by a 70% increase in the daily trading volume. This resulted in the appearance of a big green engulfing candlestick on the daily chart, indicating that a high number of buyers had jumped back to the scene.
The long lower wick on Wednesday's candlestick signifies the determination of the buyers to push the price higher as they aggressively defend the support $0.52 support level. The resistance from the ascending channel's upper boundary at $0.54 is currently preventing XRP from moving higher.
A daily candlestick above this level would signify the ability of the buyers to sustain the higher levels. The next hurdle would emerge from the $0.55 psychological level. Above this level, the next logical move would be a climb to confront resistance from the 100-day Simple Moving Average (SMA) at $0.5687. This would represent a 6% ascent from the current price.
The Relative Strength Index (RSI) was moving upward within the positive region. The price strength at 60 suggested that the XRP price was under the control of the bulls, adding credence to XRP's positive narrative.
Conversely, the sellers could give in to their appetites and book profits on the latest rally to $0.54. This could extend the ongoing bearish correction toward the 200-day SMA currently sitting at $0.525, coinciding with the middle boundary of the channel. The most prominent defense line lies at $0.512, embraced by both the 50-day SMA and the lower boundary of the rising channel.
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