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The price of XRP may be falling, but its on-chain stats reveal a different tale. When it comes to predicting XRP’s long-term success, market mood is the most important factor. Its larger-than-life community has been one of the key accelerators for the digital asset; yet, the digital asset was not lagging behind fundamentally.
XRP has seen several gains in on-chain measures over the last several weeks, indicating that the asset will not be left behind when the bulls return to the market.
XRP hodlers haven’t skipped a beat
It is critical to remember that XRP is supported by a devoted community, with the majority of its traders united by collective feeling. According to Santiment statistics, despite the recent drop, the Mean Coin Age for XRP has continued to climb in the chart. Mean Coin Age calculates the average number of days that XRP has been in the current address. A rising slope indicates an accumulating trend over the network.
The XRP Market Value to Realized Value Ration z-score has also stayed nominal, indicating that the present trend has a stronger possibility of growing than decreasing in the present market. As shown, the MVRV-Z score surged during the bull run, and the indicator has now re-set.
From a development standpoint, activity hasn’t really risen up as it did late last year, but the average number of Github repositories is approaching the February 2021 average. On June 5th, activity reached a 5-month high, implying that additional price increases may be in line with development data.
Can the SEC continue to derail the price of XRP?
The current SEC-Ripple case has not been nice to the price of XRP. When the news of the lawsuit first leaked in December, the asset’s value plummeted dramatically. Since then, the effects have begun to fade. The SEC has not totally nailed Ripple down, and Ripple has dutifully held its end.
Right now, According to reports, Ripple has filed a suit with a US Magistrate to compel the SEC to provide records explaining why it considers XRP to be a security and Ethereum and Bitcoin to be commodities. XRP has continued to suffer with the collective bear market; at the time of writing, the asset has fallen below $0.85. However, selling pressure appears to be decreasing among several groups of traders, indicating the possibility of a bullish recovery.