XRP is experiencing sustained buying pressure sparking a short-term rally amid the ongoing case with the Securities Exchange Commission (SEC) and Ripple Labs. Notably, the gains are correlated with events deemed positive for the prospects of Ripple in the high-profile case.
Indeed, by press time as of November 4, XRP was trading at $0.489, recording gains of almost 8% in the last 24 hours. The daily chart indicates that the token peaked at $0.5 before retracing, according to CoinMarketCap data.
Additionally, XRP could be poised to extend the rally if the token successfully breaks past and sustains the key $0.5 resistance level. In this line, if the token moves to retest the $0.55 barrier, it will likely hit the $0.60 mark putting the next target at $1.
Elsewhere, the rally has been inspired by growing investor confidence, as reflected in the market capitalization. By press time, the asset controlled a market cap of $24.52 billion, adding over $1.62 billion within 24 hours.
Ripple receives industry support
In general, the spike in value for XRP centers around the SEC case after Ripple continued to receive support from different entities. In particular, on November 4, Ripple CEO Brad Garlinghouse revealed that at least 12 entities involving developers, exchanges, associations, and investors were officially supporting the firm in the case.
Some entities to express support for XRP include crypto exchange Coinbase, the Chamber of Digital Commerce, the Crypto Council for Innovation, the Blockchain Association, Investor Choice Advocates Network (ICAN), and over 75,000 XRP holders.
Interestingly, the industry support comes as legal experts increasingly stated that the case where Ripple is accused of issuing XRP in violation of the SEC might be ruled in favor of the fintech firm. Such a scenario could be bullish for XRP and the general crypto market.
Furthermore, the support for Ripple follows the November 3 SEC motion to extend the time to file all reply briefs until November 30. The regulator called on the presiding judge Analisa Torres to rule that any additional amicus briefs be filed by November 11.
It is worth noting that if Ripple loses the case, the decision might be negative to the token and the general crypto community. At the same time, the token’s rally remains at the mercy of the general crypto market price movement.
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