XRP's Epic Comeback: Overcoming the Dump, Can It Really Reach the 200-SMA?

XRP's Epic Comeback: Overcoming the Dump, Can It Really Reach the 200-SMA?

The cryptocurrency market is currently showing signs of optimism, with Bitcoin steadily approaching the $27,000 mark. In contrast, Ripple's XRP token recently experienced a significant drop, with approximately 30 million tokens, equivalent to around $15,037,735 USD, being transferred from an unidentified wallet to the Bitstamp crypto exchange on September 15th.

Whale Alert, a blockchain analytics platform, detected this transfer of nearly 30,700,000 XRP tokens. Surprisingly, despite this substantial dump, the price of XRP has managed to maintain a positive trend, increasing by 2% and currently trading at the $0.492 level.

The recent surge of optimism in the XRP positive moment can be attributed to Attorney John Deaton's latest statement. He is well-known for representing XRP holders in the ongoing Ripple vs. SEC lawsuit, and his comments seem to have boosted speculators' confidence.

On September 14th, John Deaton took another significant step by filing a Notice of Appearance on behalf of Amicus Curiae Naomi Brockwell in the LBRY case. He made it clear that he remains fully dedicated to staying actively involved throughout the proceedings, regardless of the final outcome. In response to James K. Filan's post on X account announcing Deaton's filing of the Notice of Appearance, Deaton reaffirmed his unwavering commitment to the fight, regardless of the eventual result.

XRP Price is Approaching 200-SMA

Source: Tradingview

In spite of the significant 30 million XRP token sell-off in the market, XRP cryptocurrency has been displaying a bullish trend since earlier this week. Currently, it's edging closer to the 200-SMA (Simple Moving Average) on the daily price chart.

The potential for a sustained price position above the 200-SMA could potentially trigger a bullish rally in the near future. Adding to the positive sentiment, the RSI (Relative Strength Index) indicator is indicating promise for XRP as it's approaching the higher range after previously dipping into the oversold territory. Furthermore, the MACD (Moving Average Convergence Divergence) is also showing a positive crossover within the negative zone.

For those considering a long-term perspective, this presents an opportunity for buyers to accumulate Ripple's XRP tokens if the token manages to surpass the 200-SMA.

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This information is for educational purposes only and does not constitute investment advice. No person should rely on it to make any investment. Investing carries risks, including the loss of capital. All opinions expressed are subject to change without notice. Past performance is not indicative of future results. Always seek the advice of a licensed investment professional before making any investment.