According to U.Today, XRP, the token associated with Ripple, is experiencing a positive trading trend after forming a bullish pattern. The 100eyes Crypto Scanner, a technical analysis alert service, identified a bullish divergence for XRP, the seventh-largest cryptocurrency by market capitalization. This divergence indicates that the relative strength index (RSI) has made a higher low, even though the price recorded a lower low on the four-hour chart, suggesting a decrease in bearish momentum.
The cryptocurrency has successfully reclaimed the critical $0.50 level after previously dropping to an intraday low of $0.49. XRP's movement has been in sync with Bitcoin, which recently regained the $69,000 mark. During the third quarter, XRP gained some ground against Bitcoin, as highlighted in Ripple's latest report. Last month, XRP faced a sharp sell-off following the SEC's decision to appeal the Ripple case, but the downturn was brief.
Despite the SEC's appeal being a setback for Ripple, the agency has clarified that it will not argue that XRP itself is a security. This provides XRP with legal clarity similar to Bitcoin, which the SEC has consistently recognized as a commodity. Additionally, XRP is making strides into mainstream finance, with several spot ETF filings in the US. A recent filing by 21Shares explicitly stated that XRP is not a security, although the potential for it to be classified as such in the future was noted as a risk factor.
