Ripple supporters have grown confident about winning as the ongoing lawsuit continues to make headlines even after 13 months. The effects of the same are visible on the network. Despite a tense market structure, activity hasn’t come down.
SEC “Denied”
On 24 February, District Judge Torres gave a simple one-word reply-“Denied”- to SEC’s Motion to File a Sur Sur-Reply.
This has been one of the most momentous instances in the trial as the crypto community considers this to be a step in the direction of Ripple’s win.
While the overall community celebrated this denial, XRP investors have already been optimistic about Ripple’s win. Regardless of the market conditions of December and January, they continue to be more active.
Transactions on the network, which took a hit earlier in May 2021, have inclined. It has crossed the two million mark 10 days ago. Although the number has since dropped to 1.69 million, investors might linger around this zone given the prevalent uncertainty.
XRP transactions on chain | Source: Coinmetrics – AMBCrypto
This is also backed by the investors’ presence in the market, which was at its peak at 163k in late January. These active addresses also dropped to 93k at their lowest but seemed to be rising again in the last 48 hours.
XRP active addresses | Source: Santiment – AMBCrypto
Furthermore, investors who made an exit might be incentivized to come back; despite falling by 45.16% (ref. XRP Price Action image), XRP has kept its value from falling into the bear zone.
MVRV ratio shows that XRP, despite dabbling in the bearish-neutral zone, has managed to remain above 1.0, which would act as significant support in attracting investors.
XRP MVRV ratio | Source: Coinmetrics – AMBCrypto
This is crucial since XRP’s network growth has been declining over the months. Thus, indicating that user adoption has also reduced. The rally of 10.54% on 25 February would play an essential role in the same as long as it can position itself securely above $0.7551.
XRP Price Action | Source: TradingView – AMBCrypto
Source: https://ambcrypto.com/ripple-vs-sec-hopium-continues-to-keep-xrp-investors/