XRP, the Ripple-affiliated token, is currently trading in the green after recording a bullish pattern.
According to the 100eyes Crypto Scanner, a service that provides alerts based on technical analysis, the seventh-largest cryptocurrency by market capitalization recently recorded a bullish divergence. This means that the relative strength index (RSI) made a higher low despite the price logging a lower low on the four-hour chart. This shows that bearish momentum is apparently waning.
The cryptocurrency has managed to reclaim the make-it-or-break-it $0.50 level after previously dipping to an intraday low of $0.49.
Dan BurginThe controversial token has moved in tandem with Bitcoin. The largest cryptocurrency by market cap recently reclaimed the $69,000 level.
As reported by U.Today, XRP gained some ground against Bitcoin during the third quarter, according to Ripple's latest report.
Last month, the cryptocurrency experienced a sharp sell-off due to the SEC's decision to appeal the Ripple case. However, it ended up being rather short.
Tomiwabold OlajideWhile the SEC appeal is undoubtedly bad news for Ripple, the agency has revealed that it will not try to argue that the XRP token itself is a security.
This means that XRP continues to boasts legal clarity alongside Bitcoin, which has been repeatedly recognized as a commodity by the SEC.
Moreover, the Ripple-affiliated token is breaking further into mainstream finance with multiple spot ETF filings in the US.
As reported by U.Today, a recent ETF filing by 21Shares explicitly stated that XRP was not a security. However, XRP potentially being classified as a security in the future was listed among possible risk factors.
Godfrey Benjamin
Tomiwabold Olajide
Vladislav Sopov
Dan Burgin