u.today
$XRP, the controversial Ripple-affiliated cryptocurrency, is outperforming the broader market once again.
According to data provided by CoinMarketCap, $XRP is up 6.16% over the past 24 hours.
This makes it the second best-performing in the top 100 (behind only Aave's AAVE token). Neo (NEO), Tron (TRX), and Sui (SUI) have also recorded impressive gains over the past 24 hours.
After adding 2.3% over the past hour alone, $XRP managed to reclaim the much-coveted $0.6 level.
As reported by U.Today, $XRP formed the golden cross pattern, meaning that the token's short-term moving average has now crossed a long-term one. This bullish pattern shows that the cryptocurrency is experiencing strong bullish momentum. However, it is worth mentioning that it tends to be a lagging indicator.
In early August, $XRP experienced a substantial price rally after a summary judgment was issued in the closely watched SEC v. Ripple case. The token experienced a price rally of roughly 27% on Aug. 7.
Some analysts, however, correctly predicted that this rally would be short-lasting. By Aug. 11, the $XRP price retraced back to the $0.54 level, losing as much as 15%.
Now, it remains to be seen whether $XRP's renewed momentum can actually be sustained by the bulls.
So far, $XRP is up 41% after bottoming out on Aug. 5 at $0.43 on the Binance exchange during the all-out crypto crash.
As reported by U.Today, Stuart Alderoty, Ripple's top lawyer, recently clarified that $XRP's legal status would not be under threat even if the SEC were to appeal the case.