XRP, the controversial Ripple-affiliated cryptocurrency, is outperforming the broader market once again.
According to data provided by CoinMarketCap, XRP is up 6.16% over the past 24 hours.
This makes it the second best-performing in the top 100 (behind only Aave's AAVE token). Neo (NEO), Tron (TRX), and Sui (SUI) have also recorded impressive gains over the past 24 hours.
After adding 2.3% over the past hour alone, XRP managed to reclaim the much-coveted $0.6 level.
Gamza KhanzadaevAs reported by U.Today, XRP formed the golden cross pattern, meaning that the token's short-term moving average has now crossed a long-term one. This bullish pattern shows that the cryptocurrency is experiencing strong bullish momentum. However, it is worth mentioning that it tends to be a lagging indicator.
In early August, XRP experienced a substantial price rally after a summary judgment was issued in the closely watched SEC v. Ripple case. The token experienced a price rally of roughly 27% on Aug. 7.
Some analysts, however, correctly predicted that this rally would be short-lasting. By Aug. 11, the XRP price retraced back to the $0.54 level, losing as much as 15%.
Arman ShirinyanNow, it remains to be seen whether XRP's renewed momentum can actually be sustained by the bulls.
So far, XRP is up 41% after bottoming out on Aug. 5 at $0.43 on the Binance exchange during the all-out crypto crash.
As reported by U.Today, Stuart Alderoty, Ripple's top lawyer, recently clarified that XRP's legal status would not be under threat even if the SEC were to appeal the case. This should be comforting for XRP bulls, but the token now needs another bullish catalyst to maintain its momentum.
Yuri Molchan
