After a months-long dispute between Ripple and the SEC, things are finally settled. This new development caused excitement throughout the crypto community as it gave investors hope for brighter days ahead. Excitement also has solid ground as XRP’s recent price action has been commendable.
XRP recorded a growth of more than 64% in seven days, a performance which was better than all the top 100 cryptocurrencies in terms of market capitalization. This unprecedented increase in the price of XRP also helped the alt flip BUSD to take the 6th place in the list of top cryptocurrencies. At the time of publication, XRP was trading at $0.5498 with a market cap of $27,058,456,842.
The stars look good for XRP
While everyone was hyping up all these positive developments in the Ripple ecosystem, the company’s CEO, Brad Garlinghouse, gave an interview to Fox Business. He also expressed his views on current scenarios and rising prices.
— HeadlineHunter!🚨 US (@HHunter_US) September 22, 2022
Interestingly, several changes were seen in the token’s on-chain metrics, which supported and fueled the unprecedented price plunge.
For example, according to Lunar Crush data, XRP’s “Lunar Crush Altcoin” ranking was low, which was a bullish signal. It was also indicative of the fact that the rise in prices may continue in the coming days. XRP social mentions and social engagement also increased by 12% and 64% in the last week, respectively.
🚀 $XRP continues to push higher and higher, reaching prices not seen in +100 days!
👉A low LunarCrush AltRank™ score is bullish on price 😎
Info: https://t.co/ntQgJlif3b https://t.co/GEwiXNUygH pic.twitter.com/0e1yBIkUn4
— LunarCrush (@LunarCrush) September 22, 2022
Santiment data revealed that the XRP/BTC price ratio hit a one-year high of 0.000025. Additionally, a further encouraging hint was that since late 2020, active shark and whale addresses with 1 to 10 million XRP have been trending towards accumulation.
🐳📈 Its price ratio $XRP/ $BTC has hit a one-year high of 0.000025 on continued optimism for a potential settlement #Ripple with the #SEC. Addresses of active sharks and whales with a distance of 1 to 10 meters $XRP have been in a rally pattern since late 2020. https://t.co/z0E12cpn4G pic.twitter.com/dnmQZVxfvO
— Santiment (@santimentfeed) September 22, 2022
We are moving on to better days…
With all these developments happening in the XRP community, the future of the token looked promising after a long wait. Interestingly, several other metrics on the chain also supported the possibility of further upside in the coming days. XRP’s 30-day Market Realized Value (MVRV) ratio saw a huge spike, as did the token’s social media volume.
However, a setback for XRP could be the drop in its development activity in the last week, which in general has been a negative signal for Ripple.