There were rumors flying around the market this week about Ripple’s new developments. There is news that the lawsuit between the firm and the SEC is ending soon. There are also filters about the proposed Canadian operation being worked on.
As a result of the aforementioned, XRP has gained a significant increase. What the token has seen in the last two days surpasses what it saw in a long time.
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Litigation Might End Soon
A journalist with Fox News, Eleanor Terrett, said the SEC is about to make announcements. The said announcement is about important decisions about the lawsuit between the SEC and Ripple. The announcement would give some clarity on the state of the lawsuit.
The announcement is also expected to give clues if Ripple has any chance of winning.
On its part, Ripple talks more about its planned expansion into Canada. The material plan is to have an engineering hub based in Toronto. The expectation of both announcements might have added to traders’ excitement toward XRP.
The XRP token has rallied by more than 10% in the past 24 hours. It currently trades at $0.365 at the time of this report. The rally got it up to $0.387 on Friday before it pulled back slightly.
Traders accumulated XRP significantly in the course of the week according to MFI. The accumulation spree was sufficient to get XRP into significant price levels. The slight pullback in the last couple of hours shows the friction it went through.
There were some frictions experienced by the XRP token. It was close to the 50% relative strength index level.
Encouraged by Hope
The increase seen in the price of the XRP tokens shows the community’s excitement. The community has been waiting eagerly for headway in the lawsuit. The possibility of the SEC’s announcement in its favor goes a long way.
If there is a positive outcome, as envisaged, it would bring bigger gains. It is, therefore, why the matter has got a lot of traction.
XRP’s dominance on Santiment’s metrics also saw a significant increase. It increased from its 21st June 0.265% level to 1.47% as of the 24th. This is in tandem with a significant increase in the token’s price.
It, therefore, confirms the nexus between the lawsuit with the SEC and increased excitement about Ripple. There has also been an increase in the number of active XRP wallets. The numbers were around 27,602 as of 21st June but got to 57,332 on the 23rd.
The 30-day MVRV ratio for the token bottomed at -17.68% on the 18th of June. It, however, experienced an uptick reaching -0.04 on the 24th. It happened because most wallets that bought XRP after Terrett’s news are now in profit.
Nevertheless, the general crypto market downturn continues. The top crypto assets have continued to experience the bloodbath with no end in sight.