XRP gains as Ripple files cross-appeal in lawsuit, derivatives exchange slams SEC for regulatory overreach

• XRP climbs above $0.53 on Friday, Ripple confirms cross-appeal against SEC in four-year long legal battle. 
• Derivatives exchange Bitnomial sued the SEC for regulatory overreach and claim that XRP is a security.
• XRP could gain nearly 5% and recover from recent losses. 

Ripple (XRP) holds steady above key support at $0.5300. The altcoin gains as the payment remittance firm confirms the filing of a cross-appeal in the Ripple lawsuit with the Securities & Exchange Commission (SEC). Ripple is gearing up to introduce new features for its custody solutions for institutional investors. 

XRP trades at $0.5370, early on Friday.

Daily Digest Market Movers: XRP gains as Ripple fights SEC’s appeal in lawsuit

• Ripple announced on Thursday that the payment remittance firm is filing a cross-appeal in response to the SEC contesting the final ruling in the four-year long legal battle. 
• The US financial regulator challenged the ruling where Ripple was fined $125 million for its institutional XRP sales. 
• Ripple’s Chief Legal Officer, Stuart Alderoty, says the SEC appeal does not affect the legal clarity of XRP. 
• The firm’s cross-appeal has boosted the sentiment among XRP holders — the social sentiment is positive, while the Fear & Greed Index on CFGI.io shows neutral sentiment. 
• Bitnomial, a derivatives exchange, filed a lawsuit against the SEC for its “regulatory overreach” and lack of clarity on XRP.

Technical analysis: XRP prepares for nearly 5% gain

XRP has been in an upward trend since July of this year. The altcoin could extend its gains and rally toward the 10-day Exponential Moving Average (EMA) at $0.5618, nearly 5% above the current level. 

XRP faces resistance in the Fair Value Gap (FVG) between $0.5778 and $0.5445. The Moving Average Convergence Divergence (MACD) indicator shows red histogram bars, consecutively smaller in size, signaling a declining negative momentum in the XRP price trend. 

The Relative Strength Index (RSI) reads 42.82, which is under the neutral level and signals declining momentum. 

XRP/USDT daily chart 

Ripple could sweep liquidity at the October 10 low of $0.5228 if there is a correction in the altcoin.