Even with Ripple facing the SEC in court, the price of XRP is seeing a positive 2020 year
With new developments in the Ripple-SEC process, analysts are now eyeing the company’s native cryptocurrency, XRP. Technical and network analyst Ali Martinez assessed the XRP market and published an interesting discovery earlier today. According to him, the Ripple token could provide “an opportunity for investors to profit”.
Martinez used the 30D Market Value to Realized Value (MVRV) index to support his theory and said on Twitter that recently the index fell to -0.91%. This suggested that “the downward trend is approaching exhaustion”. Last year, each time “MVRV moved below 0%, it served as a buy signal for XRP”.
Source: Santiment / Twitter
In addition, XRP whales “appear to be back in accumulation mode”. According to data from Santiment, last week, the number of wallet addresses with “more than 10 million XRP tokens” increased by 4.90%. In addition to the increase in whale accounts, about 15 new whales have “entered the network” in just the past seven days.
Previously, Santiment found out that since the SEC announced its charges against Ripple, the XRP’s whales have been shrinking. Specifically, portfolios containing 10 million XRP and more were declining, with whale addresses dropping to 18, shortly after the SEC sued Ripple’s founders.
Source: Santiment / Twitter
But Ripple’s native cryptocurrency has now become a “constant presence” on Santiment’s “emerging trends” page. Interestingly, his “increase in discussion” could have followed people’s expectations of a possibility of an “agreement” in the Ripple-SEC case. In addition, Santiment pointed out that the trend to ‘buy the dip’ has increased for other cryptocurrencies, such as BTC.
$ XRP has been a steady presence on our emerging trends page, with its rise in discussion following a possible #SEC settlement. Additionally, #buythedip calls have been rising for $ BTC, and $ DENT has exploded in both price and conversations! https://t.co/TBuUIY8DJt pic.twitter.com/Sp4Jwb3KSv
– Santiment (@santimentfeed) March 23, 2021
“$ XRP has been a constant presence on our emerging trends page, with its increase in discussion following a possible agreement with #SEC. In addition, #buythedip calls have increased to $ BTC and $ DENT and have exploded both in price and in conversations! ”
It is possible that anxious investors may be applying the same principle to accumulate cryptocurrency in anticipation of a price increase. In fact, the social presence of the Ripple token has grown with the ‘Relist’ XRP campaign, which requires cryptocurrency exchanges to support XRP again and is escalating Twitter trends recently. A Twitter user pointed:
– CryptoBull2020 (@ CryptoBull2020) March 21, 2021
“#RelistXRP is a trend in the USA! @coinbase ”
Regardless of whether exchanges re-list cryptocurrency or not, it is safe to say that the price of XRP has become almost retail oriented.
It will be interesting to see if the highly active “XRP Army” alone could push the price of the XRP higher, perhaps even the $ 1 range. Similar to how the “Doge Army” has caused a lot of price movement for the meme currency.