XRP is up more than 10% after Ripple announced plans to…
The chatter surrounding Ripple has increased this week amid major news developments regarding the company. The SEC is closing in on a statement regarding the long-running lawsuit against Ripple, as well as the company’s latest announcements regarding its plans in Canada. Unsurprisingly, XRP has seen a significant rise over the past two days.
Eleanor Terrett, a renowned Fox reporter, noted that the SEC had to reveal important decisions about the lawsuit. These rulings should provide more clarity regarding the direction of the lawsuit and whether Ripple has a chance of winning.
Ripple also announced earlier this week that it plans to have a presence in Canada. This will take the form of an engineering center based in Toronto. The two different announcements may have contributed to more excitement about XRP.
XRP was trading at $0.365 at press time after rising more than 10% in the past 24 hours. The rally pushed the cryptocurrency as high as $0.387 during the day before pulling back slightly.
A significant amount of accumulation has taken place over the week, as seen in the MFI. This was enough to push XRP to higher price levels. However, the slight retracement in the past few hours confirms that it has seen some friction near the 50% level of the RSI.
fueled by hope
The rise in the price of XRP is a sign that the community is excited about the likelihood of announcements in favor of Ripple. A positive result could fuel a larger gain, hence why the topic has received so much attention.
XRP’s social dominance metric on Santiment recorded a significant spike, rising from 0.265% on June 21 to 1.47% on June 24. This also corresponds to a notable rise in prices over the same period. This confirms the correlation between the Ripple lawsuit and the increase in social chatter about Ripple and XRP.
The number of active XRP addresses has also increased significantly. The number of active addresses was as low as 27,602 on June 21 and peaked at 51,332 on June 23.
XRP’s 30-day MVRV ratio hit a low of -17.68% on June 18 before a sharp rise to -0.04 on June 24. Indeed, a significant number of addresses purchased after Terrett’s announcement were now profitable.