XRP, the Ripple-affiliated token, is currently trading in the green after recording a bullish pattern.
According to the 100eyes Crypto Scanner, a service that provides alerts based on technical analysis, the seventh-largest cryptocurrency by market capitalization recently recorded a bullish divergence. This means that the relative strength index (RSI) made a higher low despite the price logging a lower low on the four-hour chart. This shows that bearish momentum is apparently waning.
The cryptocurrency has managed to reclaim the make-it-or-break-it $0.50 level after previously dipping to an intraday low of $0.49.
The controversial token has moved in tandem with Bitcoin. The largest cryptocurrency by market cap recently reclaimed the $69,000 level.
As reported by U.Today, XRP gained some ground against Bitcoin during the third quarter, according to Ripple’s latest report.
Last month, the cryptocurrency experienced a sharp sell-off due to the SEC’s decision to appeal the Ripple case. However, it ended up being rather short.
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While the SEC appeal is undoubtedly bad news for Ripple, the agency has revealed that it will not try to argue that the XRP token itself is a security.
This means that XRP continues to boasts legal clarity alongside Bitcoin, which has been repeatedly recognized as a commodity by the SEC.
Moreover, the Ripple-affiliated token is breaking further into mainstream finance with multiple spot ETF filings in the US.
As reported by U.Today, a recent ETF filing by 21Shares explicitly stated that XRP was not a security. However, XRP potentially being classified as a security in the future was listed among possible risk factors.