Why is XRP surging? Key points to note

The price of XRP surged on October 14, climbing double figures in the last 24 hours as the token managed to reclaim the crucial $0.50 price mark.

Indeed, XRP leads the top 20 cryptocurrencies by market capitalization by gains, currently trading at $0.5017, up 12.43% in the last 24 hours, according to data retrieved by Finbold from CoinMarketCap. XRP 1-day market cap. Source: CoinMarketCap

The total market worth of XRP is $25.046 billion, adding almost $3 billion to its market cap in the last 24 hours alone from $22.29 billion a day earlier. XRP bullish signs

As a result of recent favorable developments in Ripple’s legal battle with the United States Securities and Exchange Commission (SEC), the XRP token has been outperforming the broader cryptocurrency market.  Related Cardanos Daedalus 5.1.0 wallet goes live, heres what you need to know Shiba Inu adds over 100,000 holders in 2022 despite price swings DBS bank dubs Bitcoin as ‘unique’ despite its volatile nature

The CEO of Ripple, Brad Garlinghouse, recently suggested that it is likely that the lawsuit would be resolved in the first half of 2023. 

I think well have an answer in the first half of next year. Whether thats the first quarter or second quarter, we shall see,

After both sides submitted their applications for summary judgment at the end of the last month, the price of the XRP token experienced a significant increase.

The price of Bitcoin (BTC) has experienced a bullish breakout, while the cost of XRP is now trading around $0.5. Investors should anticipate a further increase in buying pressure exerted on the remittance token if this trend continues. Due to this move, the XRP may be able to retest the $0.56 to $0.596 barrier, which has been a critical level since January 2022. XRP support level

In light of the above, the flip of this barrier into a support floor will be a crucial development for the XRP price, and it has the potential to drive the XRP price up.

While the price of XRP seems to be on the rise, the recent ascent might be halted between $0.56 and $0.596. This failure, however, may contradict the bullish argument if it converts the $0.46 support level into a resistance barrier.

Such a move might pave the way for bears to drive the XRP price to $0.39, as crypto tradingexpert Ali Martinezhighlightedin histechnical analysis(TA) on October 11 that XRP could be displaying a ‘sell signal’ based on the TD Sequential.

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