Ripple Coin (XRP) has been one of the top altcoins to watch out for in the third quarter of 2022. The altcoin has witnessed massive bullish momentum over the last month and shows no signs of stopping.
Some of this bullish momentum is fueled by the drama that has slowly unfolded in the court case between Ripple and the US Securities and Exchange Commission (SEC).
Over the last seven days, Ripple Coin has been one of the top-performing cryptocurrencies in the market and has increased by a staggering 13% over the last 7-days.
All of this is despite the current crypto winter and bitcoin’s inability to break out of the range between the $20,000 and the $18,000 zone.
Bitcoin is currently trading around the $19,000 zone, meaning it has spent the last month in this consolidation phase.
XRP Price Analysis
After receiving a push from the bulls in the market in mid-September, the price of XRP appears to have found stability around the $0.5 level and is now retesting the $0.5390 level for a potential break to the upside.
In late September, after the price action on XRP last tested this zone, it trended downwards momentarily, retesting the $0.42 level, and now appears to be trending upwards with fervor.
Looking at the price action over the last 90 days, the cryptocurrency has also been one of the top-performing altcoins in the market.
The price of XRP also appears to have crossed over the 200-period moving average (blue line) on the daily timeframe, signaling that a new, strong bullish momentum is about to start.
The RSI on this level, however, paints a more detailed picture. According to the RSI, the price of XRP may consolidate further, retesting the 200-period moving average before a strong move to the upside.
SEC v/s Ripple Lawsuit
Just two weeks ago, Ripple scored a huge victory against the SEC in the ongoing court case when Judge Analisa Torres from a US district court ordered the SEC to turn in copies of the Hinman Documents.
These documents are believed to contain evidence that may help Ripple win the case and finally put things to rest.
While the District Court ruling happened on September 29th, the SEC is yet to comply. According to Stuart Alderoty on FOX Business, the SEC has disregarded the past six court orders that compelled it to turn in the Hinman Documents.
Alderoty also adds that Judge Torres’ order is the sixth and that the entire Ripple team is hopeful that the SEC finally complies.
Ripple Undaunted: Continues Hiring amid Bear Market
Despite all the happenings around the court case, Ripple appears unmoved and assured of victory.
The San-Fransisco-based firm recently posted a notice for a new full-stack engineer.
Whomever Ripple hires will be part of the company’s design and marketing team and will be involved with managing the company’s websites and guiding technology decisions.
Lately, it seems Ripple is about to go on a hiring spree despite the bear market and their trouble with SEC’s court case against them. This is uncharacteristic for several other blockchain-based companies, especially during this market uncertainty.
Other blockchain and Defi platforms like OpenSea and Coinbase have been forced to slash their workforce and lay off a few employees.
The company has even added that it might hire as many as 50 more engineers and has been recognized as one of America’s fastest-growing companies since August.
Disclaimer: The author’s comments and recommendations are solely for educational and informative purposes. They do not represent any financial or investment advice. Always DYOR (do your own research)