February 8, 2023
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XRP Price Might Initiate Fresh Rally By End of December: On-Chain Hints Bullish Trend

The post XRP Price Might Initiate Fresh Rally By End of December: On-Chain Hints Bullish Trend appeared first on Coinpedia Fintech News

Since reaching a multi-year high in April of last year, the price of XRP has been steadily dropping. The market-wide sell-offs and the general market sentiment helped the sellers hasten the bearish trend.

However, over the past few days and weeks, XRP’s price has fluctuated wildly, with investors sending the once-troubled token rocketing and breaking above the historically stable trading range between $0.20 and $0.30. Despite XRP failing to gather enough momentum to break above $0.60, investors seemed to be invested in the coin. 

Looking at the technical indicators and on-chain data, the number of users interacting with the token and the network continues to be very strong. The constant increase in XRP trade volumes indicated that retailers were up to something. The volume increase could have increased consumer-induced volatility for the price of XRP.

According to Santiment, the daily active addresses (DAA) for XRP saw a significant increase of almost 200% along with higher trade volumes. Since November 30, XRP DAA has been rising, rising from 51,161 on December 4 to 161,000 as of this writing.

XRP vs SEC 

Brad Garlinghouse, CEO of Ripple, recently expressed confidence in a positive outcome in the near future. Even as the case against the U.S. Securities and Exchange Commission draws to a close, lawyer John Deaton, the founder of Crypto Law and a supporter of Ripple, has identified what he believes to be the largest threat to Ripple in the ongoing case. 

The XRP token itself is not a security, and secondary market sales of the token are not an unregistered security offering, according to Judge Torres, who could rule that Ripple “offered” unregistered security at some point.

“[This] is the biggest danger to Ripple IMO. The application of the law doesn’t focus only on sales. In fact, a sale or transfer of the underlying asset doesn’t have to occur for a company to be liable. If there’s an oral argument, I bet you hear the SEC lawyer focus a lot on the ‘offering.’”

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