Signs of an XRP rally are back on the horizon as the XRP community awaits Ripple’s “Proper Party” set to celebrate the win against the US Securities and Exchange Commission. Like most of its peers, XRP price is in the green on Friday riding on a flurry of news surrounding the approval of futures-based Ethereum exchange-traded funds (ETFs) and the delay on the regulator’s decisions on spot Bitcoin ETFs.
XRP price is up 2.4% on the day to $0.507 as $703 million in trading volume comes in, supported by $27 billion in market capitalization. The cross-border token has since July steadied its lead ahead of the second largest stablecoin USD Coin (USDC) which ranks in sixth place with a market cap of $25.5 billion.
Will XRP Price Rally During Ripple’s “Proper Party”
Ripple is ready to host its big event dubbed the “Proper Party” as it celebrates a key achievement—the win against the SEC in the long-standing court battle following allegations by the agency that Ripple violated US securities laws with the sell unregistered token – XRP.
The court ruled in early July that programmatic sales of XRP conducted on third-party exchanges do not constitute security tokens. However, sales made directly to institutional investors were deemed securities.
Ripple believes the partial win against the SEC is a win for crypto. Brad Garlinghouse, Ripple’s CEO echoed these sentiments as he fired at the SEC Chair Gary Gensler this week, saying, “You have to stand up to a bully.”
“You have to stand up to a bully.” ~@bgarlinghouse
Ripple’s Brad Garlinghouse and Stuart Alderoty on standing up to and defeating Gary Gensler’s SEC.#Mainnet2023 🌶️ pic.twitter.com/jEXuqTKo07
— Messari (@MessariCrypto) September 27, 2023
Ripple’s Proper Party will be held in New York on Friday, September 29, and with it are expectations of key announcements for the XRP community. XRP holders expect this event would enhance sentiment around the price, which many believe is highly undervalued.
At least two major announcements are anticipated amid speculations of plans for an IPO or settlement with the SEC. Neither are guaranteed but investors are hopeful for some upward action in XRP price.
Important XRP Price Levels
XRP price holds above $0.5, an immediate yet pivotal support level reinforced by a confluence of the 50 Exponential Moving Average (EMA) (red) and the 100 EMA (blue). XRP must uphold this level, which could serve as a springboard to the price as bulls seek to resume the uptrend.
Slightly from the current price, there is a significant barrier at $0.5148 highlighted by the 200 EMA (purple). Until XRP price steps above this resistance area, the risk of further declines, or consolidation above $0.5 will remain.
Sidelined buyers have the opportunity to get exposure to XRP longs, especially with the Moving Average Convergence Divergence (MACD) indicator revealing a buy signal. This call to investors to buy XRP manifests with the blue MACD line flipping above the signal line in red while the momentum indicator generally moves upwards.
Meanwhile, caution is advised based on the position of the Relative Strength Index (RSI). After gradually ascending from near-oversold conditions on Monday and stepping above the midline (50), the RSI shows signs of retracement. In other words, bulls are struggling to sustain the uptrend above $0.5.
To validate a significant breakout, XRP price must rise above the 200 EMA and the triangle resistance around $0.52. This will trigger interest from traders waiting to see if Ripple’s big event will have a positive impact on the price. The next key resistance lies at $0.54 and $0.62, not to mention $0.85 along the path to $1.
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The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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