XRP wins against the SEC. The year 2022 has been catastrophic for the price of XRPwhich lost 66% before finding buyers at around 0.30 dollar. Like most cryptocurrencies, the year 2023 allows him to regain color. Yesterday, the U.S. justice system announced that XRP was not a security. The price doubled in value in the space of a few hours. Numerous sell-side liquidations were recorded on the cryptocurrency market, and the Bitcoin price came back close to $32,000.
XRP explodes: sellers get wiped out
The SEC (U.S. financial regulator) had dragged Ripple in courtbecause it considered that there had been a non-compliance of the law on securitiesby marketing XRP without prior registration. Finally, Judge Torres ruled that XRP was not not a security. From then on, the XRP price has exploded upwards, rising 63% in 24 hours.
At one weekthe price also shows a rise by more than 60 %. In one monththe share price climbed 50 %. And in one yearthe share price climbed 100 %. Faced with BitcoinXRP climbs 60 %. XRP outperforms the vast majority of cryptocurrencies thanks to this victory over the SEC. With this rise, XRP overtakes Binance Coin (BNB) in terms of capitalization.
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XRP explodes… for sellers
Just as the market had been experiencing a dip in volatility for a few days, if not weeks, XRP has woken up the cryptocurrency sector. The market registers largest sell-offs since the month of march.
In fact, the market is recording 190 million in liquidations on the sellers (shorts). Despite the rise, some buyers also got caught out. The market recorded just over 60 million in liquidations on the buyers (long). On the news, traders speculated en masse on XRP.
On its own, XRP liquidates a huge number of positions. In fact, the market 50 million in liquidationsincluding 30 million dollars for the sellers and 20 million dollars for the buyers. Yesterday’s liquidation levels are much higher than those usually recorded daily by Coinglass since March.
The XRP price breaks through the various resistances in its path.
At the beginning of 2023, XRP found a rebound at the support at $0.32. Since then, the price has risen by more than 150 %.
Yesterdaythe share price through the different resistances in his path before being reject at the resistance at $0.88. A break of this resistance could bring the price back to 1 or to resistance at 1.25 dollar. On the other hand, a rejection could bring the price back to the $0.65 support level. For its part, the RSI rebounded to the bullish trendline. Thanks to the close above 65, the RSI continues to display ascending lows and highs. Buyers are once again in control of momentum.
The price of XRP explodes upwards after this first victory against the SEC. The news sent cryptocurrencies back on the rise, and the market recorded largest liquidations since the month of march. The XRP price was reject at the resistance at $0.88. If buyers were to push, we could see XRP back at $1.
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