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XRP, supported by a bullish divergence, is gaining momentum after reclaiming the $0.50 support level. The cryptocurrency’s legal clarity continues to attract investor interest, with market signals showing waning bearish pressure and renewed optimism in its price trajectory.
Bullish Signal Ignites Green Trend for XRP
After displaying a bullish signal, the Ripple-affiliated coin XRP is now trading in the green.
A bullish divergence was recently observed by the seventh-largest cryptocurrency by market capitalization, according to the 100eyes Crypto Scanner, a service that offers alerts based on technical analysis.
This indicates that although the price logged a lower low on the four-hour chart, the relative strength index (RSI) posted a higher low. It appears like the impetus of the bear market is beginning to fade.
XRP Reclaims Key Support Level at $0.50
After collapsing to an intraday low of $0.49, the cryptocurrency has recovered to the crucial $0.50 barrier.
Coincident with Bitcoin's movement, the contentious token has followed suit. Not long ago, the market capitalization leader in cryptocurrencies regained the $69,000 milestone.
According to Ripple's most recent report, XRP made some progress vs. Bitcoin in the third quarter.
SEC Appeal and Ripple’s Market Impact
Following the SEC's decision to appeal the Ripple case, the cryptocurrency market saw a precipitous decline last month. But in the end, it wasn't that long.
Even if Ripple is in for some bad news due to the SEC appeal, the regulator has already stated that it would not attempt to classify the XRP cryptocurrency as a security, U.Today shares.
XRP Benefits from Legal Clarity Amid SEC Challenges
The SEC has frequently acknowledged Bitcoin as a commodity thus XRP continues to enjoy the same level of legal clarity.
With numerous spot ETF filings in the US, the Ripple-affiliated cryptocurrency is rapidly entering into mainstream finance.
ETF Filings Highlight Legal Uncertainty
21Shares made it clear in their most recent ETF filing that XRP is not a security. Nevertheless, one of the potential risks was that XRP might one day be considered a security.
