XRP price increased by over 9 percent while targeting the $0.62 resistance level. At the time of writing, XRP is hovering around $0.599 after three consecutive bullish daily closes. The token is currently trading at the same level it was in mid-August, during the decline following Ripple Labs’ first legal victory against the SEC.
During XRP’s recent rally, the token broke out of the tight trading range in which it was trapped between $0.540 and $0.475. It also used the upper bound of this range as support throughout the weekend, thus confirming the continuation of the uptrend.
The next talking point for XRP will be the $0.620 region, where the price struggled throughout the first weeks of August.
Today (October 31, 2023) the token briefly reached this zone before experiencing a sharp pullback, signaling a high volume of pending sell orders.
However, if XRP can successfully clear the $0.620 resistance area, it will further solidify the current uptrend and open the door for a test of the July highs.
He boosted XRP sentiment by criticizing former SEC Chairman
A potential catalyst for XRP’s momentum has been Ripple CEO Brad Garlinghouse’s recent criticism of former SEC chairman Jay Clayton’s approach to crypto regulation.
Clayton emphasized that regulators should only pursue cases they are confident will hold up in court. However, Garlinghouse accused Clayton of filing a lawsuit against Ripple and its executives in 2020 that had little chance of success.
Garlinghouse called it “hypocrisy,” noting that Clayton filed the lawsuit before leaving his position at the SEC.
As the SEC moved to drop charges against Garlinghouse and co-founder Chris Larsen, Ripple’s CEO argued that Clayton’s lawsuit was an improper regulatory overreach.
His strong criticism of Clayton’s actions increased sentiment around Ripple and XRP. Overall, Garlinghouse’s statements showed that he is confident that Ripple will prevail in its remaining legal battles and reinforced the message that XRP should not be considered a security.