Coinshares report showed that investors were accumulating XRP while dumping BTC and ETH
Despite the increased accumulation, holders of XRP were still losing
A recent Coinshares report showed that investor confidence in Ripple [XRP] was on the rise, despite loss of holders.
Recently, the price of XRP witnessed an increase. The reason for this recovery was the SEC’s legal battle to become more transparent. Some key investors are positioning themselves for a successful outcome as they look forward to the end of the legal dispute.
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Coinshare’s XRP and Active Address are on the rise
According to a report by CoinShares on Jan. 9, investors seemed optimistic about XRP’s prospects. The study found that investors abandoned Bitcoin and Ether in favor of XRP at CoinShares in the first week of the year.
About $3 million in XRP was added, bringing the total XRP managed by CoinShares to 9%. The company attributed the increase in funding to increased transparency about Ripple’s legal battle with the U.S. Securities and Exchange Commission.
Source: Sentiment
Coinshare’s data showed that investors seemed to have a positive attitude, and one metric in particular was on the rise. Santiment’s Daily Active Address statistic revealed an upward trend in the total number of addresses actively involved in Ripple transactions.
The current active address reached a high of 108, a level last seen in August 2022. Furthermore, the figure showed that the measure started to rise around January 5 and has been growing steadily since then.
The SEC vs Ripple update
The legal battle between the SEC and Ripple has been going on for a while and has been nothing short of a rollercoaster. During the proceedings prior to the preliminary hearing, both parties filed motions and counterclaims, which are included in the minutes.
Recently, a lawyer named James Filan, who is familiar with the Ripple case, has a to update. Filan revealed both parties’ request for the sealing of some parts of the submitted documents in a recent article.
XRP flat, but stable
The price of XRP was flat throughout January, according to an analysis of daily price movements over time. At the time of writing, it was trading at around $0.3, the same price it has been since the end of the previous year.
Source: TradingView
Further observation revealed that the moving averages (blue and yellow lines) acted as barriers to the price movement.
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The Relative Strength Index (RSI) appeared to be slightly below the neutral line, indicating an overall bearish trend, albeit a small one. In addition, it showed that the support level appears to be holding steady between $0.33 and $0.29.
In addition, holders of XRP have suffered a small loss over the past 30 days. According to the 30-day Market Value to Realized Value (MVRV) indicator, XRP has lost value by 2.227% over the past 30 days.
The current XRP inflow pattern shows people’s confidence in the future of the token. The outcome of the legal process would further determine how the price of the asset would evolve.
Source: Sentiment
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