XRP Price Jumps After SEC Lawsuit Victory
BITmarkets Team
May 17, 2023
Following the denial of the United States Securities and Exchange Commission’s (SEC) motion to seal the agency’s internal documents and communications which occurred after a speech by its former director Willian Hinman, the price of Ripple’s XRP jumped modestly; a small victory for the big cryptocurrency.
After the news circulated, the price of XRP jumped by around 6% at the time of writing. While it is a modest gain relative to the typical sharp & volatile price movements of cryptocurrencies when a revelation occurs, it represented a noticeable increase as the majority of cryptocurrencies on May 17 remained somewhat stable or traded downwardly. Trading volumes for XRP and XRP-related assets have also surged, and the buy-sell power is clearly on the bulls’ side.
From a technical perspective, however, it may look more bearish and bullish, at least for the short-term. The so-called Gravestone Doji on Ripple’s March 17 candle was in fact confirmed by a long upper wick alongside a minute distance between the open and close points of the token. Traditional analysts would argue that such techincal reading, citing the Gravestone Doji candle, would be followed by a bearish reversal pattern.
Sources:
https://cointelegraph.com/news/why-is-xrp-price-up-today
