Why did the XRP price jump 28 percent?

Crypto markets turned green again as of September 23. Bitcoin (BTC) gained 1.9 percent and rose above $ 19,300, while Ether (ETH) again crossed the $ 1,300 level after an increase of close to 5 percent.

The notable name of the day was XRP.

XRP, which has gained more than 28 percent in the last 24 hours, has gained 57 percent in the last 30 days. Ripple Labs has filed for a verdict hearing on September 18, according to defense attorney James K. Filan. A decision on whether XRP is a security is expected by mid-December.

The excitement over the new news may have improved investor sentiment about XRP’s long-term potential.

From a technical analysis perspective, XRP price closed above the long-term descending triangle resistance for the second time. The trading volume and open interest of futures contracts have also increased in the past 24 hours.

Why did the XRP price jump 28 percent?
1-day chart of XRP/USDT pair. Source: NewsOfFinance

Cointelegraph market analyst Marcel Pechman stated:

“XRP’s open interest was $310 million just a week ago, now over $575 million.”

Traders who haven’t taken a position yet can watch for the next few days to see if the 200-day moving average at $0.49 turns into support.

Soruce : https://tr.cointelegraph.com/news/xrp-price-breaks-out-of-range-with-a-25-rally-but-why

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