Ripple supporters have gained confidence in winning as the pending lawsuit is still making headlines even after 13 months. The effects of this are visible on the network. Despite a tense market structure, activity has not declined.
SEC “Refused”
On Feb. 24, District Judge Torres gave a simple one-word response — “Denied” — to the SEC’s request to file a Sur Sur Reply.
This was one of the most memorable cases in the trial as the crypto community sees this as a step towards Ripple’s victory.
As the overall community celebrated this denial, XRP investors were already bullish on Ripple’s win. Regardless of the December and January market conditions, they remain more active.
Transactions on the network, which took a hit earlier in May 2021, have fallen. It crossed the two million mark 10 days ago. Although the number has since fallen to 1.69 million, given the prevailing uncertainty around this zone, investors may be left to linger.
Chain XRP Transactions | Source: Coinmetrics – AMBCrypto
This is also supported by the investor presence in the market, which was at its peak of 163k at the end of January. These active addresses also fell to 93k at their lowest point, but appeared to be rising again in the past 48 hours.
XRP active addresses | Source: Santiment – AMBCrypto
In addition, investors who have made an exit can be incentivized to come back; despite a 45.16% drop (ref. XRP Price Action image), XRP has kept its value from falling into the bear zone.
The MVRV ratio shows that despite plodding into the bearish neutral zone, XRP has managed to stay above 1.0, which would be an important support in attracting investors.
XRP MVRV ratio | Source: Coinmetrics – AMBCrypto
This is crucial as XRP’s network growth has slowed in recent months. So this indicates that user adoption has also decreased. The rally of 10.54% on Feb. 25 would play a vital role in that, as long as it can safely position above USD 0.7551.
XRP Price Promotion | Source: TradingView – AMBCrypto
This post Ripple vs SEC hopium continues to keep XRP investors excited…
was published first on https://ambcrypto.com/ripple-vs-sec-hopium-continues-to-keep-xrp-investors/
