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With recent developments in the Ripple-SEC lawsuit, investors are holding a close watch on the company’s native cryptocurrency, XRP. Ali Martinez, a technical and on-chain consultant, examined the XRP market and reported an intriguing discovery earlier today. XRP, he argues, could offer a “opportunity for investors to profit.”
Martinez used the Market Value to Realised Value (MVRV) 30D index to support his theory and said on Twitter that recently the index dropped to -0.91%. This suggested that “the downtrend is approaching exhaustion.” Over the past year, each time the “MVRV moved below 0%, it served as a buy signal for XRP.”
Furthermore, XRP whales “appear to be returning to accumulation mode.” According to Santiment info, the number of wallet addresses carrying “more than 10 million XRP tokens” has risen by around 4.90 percent in the last week. In addition to the rise in whale profiles, almost 15 new whales have “joined the network” in the last seven days.
Previously, Santiment discovered that since the SEC declared its charges against Ripple, XRP whales have shrunk. Specifically, wallets holding 10 million XRP or more were dwindling, with whale addresses down by 18, shortly after the SEC sued Ripple owners.
$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
Perhaps hopeful buyers are using the same logic to stockpile XRP in expectation of a price increase. Indeed, XRP’s social presence has been growing, with the ‘Relist’ XRP movement, which demands that crypto exchanges help XRP again, recently climbing Twitter trends. As one Twitter user put it:
— CryptoBull2020 (@CryptoBull2020) March 21, 2021
Whether or not exchanges relist the cryptocurrency, it is fair to assume that XRP’s price has been almost retail-driven.
It would be important to see how the extremely active XRP army will boost the price of XRP higher, perhaps even to the $1 mark. The Doge army has been causing a lot of price movement for the meme coin, similar to how the Doge army has been causing a lot of price movement for the meme coin. At press time, XRP was trading at 0.49, up 1.7 percent in the previous hour.