Ripple: XRP investors are excited after the lawsuit between Ripple and SEC settles down - data analysis
After a months-long feud between Ripple and the SEC, things have finally settled down. This new development has created excitement in the crypto community as it gives investors hope that brighter days are ahead. The excitement is also on solid ground as XRP's recent price action is commendable.
XRP has posted over 64% growth in seven days, outperforming the top 100 cryptocurrencies by market capitalization. This unprecedented price increase of XRP also helped the alternative exchange BUSD get the sixth place on the list of top cryptocurrencies. At press time, XRP is trading at $0.5498 with a market cap of $27,058,456,842.
The stars look good for XRP
While everyone is excited about all these positive developments in the Ripple ecosystem, the company's CEO, Brad Garlinghouse, sat down with Fox Business. He also expressed his views on the current scenarios and the upside.
Interestingly, several changes were noted in the token's on-chain metrics, which aided and fueled the unprecedented drop in price.
For example, according to Lunar Crush data, XRP's 'Lunar Crush Altcoin' rating is low, which is a bullish sign. He also hinted that the upside could continue in the coming days. XRP social mentions and social engagement also increased 12% and 64%, respectively, last week.
Data from Santiment reveals that the XRP/BTC price ratio hit a one-year high of 0.000025. Furthermore, another encouraging sign is that since late 2020, active shark and whale addresses holding between 1 and 10 million XRP have been on a cumulative trend.
Moving on to better days...
With all these developments in the XRP community, the future of the token looks promising after a long wait. Interestingly, several other online indices also support the possibility of further gains in the coming days. The real value ratio (MVRV) of the 30-day market value of XRP has seen a massive increase, as has the token's social volume.
One setback for XRP, however, could be a drop in its developer activity over the past week, which is usually a negative sign for Ripple.
Sep 25, 2022