XRP investors, the long wait for happier days is finally over because…
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After months of fighting between Ripple and the SEC, things are finally settling down. This new development created excitement throughout the crypto community as it gave investors hope for brighter days ahead. The excitement also has a solid foundation, as XRP’s recent price action was commendable.
XRP registered a seven-day gain of over 64%, outperforming all of the top 100 cryptos by market cap. This unprecedented rise in the price of XRP also helped the alt flip BUSD grab the sixth spot on the list of top cryptos. At press time, XRP was trading at $0.5498 with a market capitalization of $27,058,456,842.
The stars are looking good for XRP
While everyone was hyped about all these positive developments in Ripple’s ecosystem, the company’s CEO Brad Garlinghouse was interviewed by Fox Business. He also expressed his views on the current scenarios and the rise in prices.
— HeadlineHunter!🚨US (@HHunter_US) 22 September 2022
Interestingly, several changes were observed in the token’s on-chain metrics that supported and fueled the unprecedented price drop.
For example, according to data from Lunar Crush, XRP’s Lunar Crush Altcoin position was low, which was a bullish signal. It also suggested that the rise in prices may continue in the coming days. XRP social mentions and social engagement also increased by 12% and 64% respectively last week.
🚀 $XRP continues to push higher and higher reaching prices not seen for +100 days!
👉Low LunarCrush AltRank™ score is bullish for price action 😎
— LunarCrush (@LunarCrush) 22 September 2022
Data from Santiment revealed that the XRP/BTC price ratio reached a year high of 0.000025. Also, an encouraging hint was that since the end of 2020, active shark and whale addresses with 1-10 million XRP have been on an upward trend.
🐳📈 Price ratio $XRP/ $BTC has hit a year high of 0.000025 as continued optimism for a possible resolution #Ripple with #SEC. Active addresses of sharks and whales between 1 and 10 meters in length $XRP have been in an accumulation pattern since the end of 2020. https://t.co/z0E12cpn4G pic.twitter.com/dnmQZVxfvO
— Santiment (@santimentfeed) 22 September 2022
Going to better days…
With all this development in the XRP community, the future of the token looked promising after a long wait. Interestingly, several other gauges within the chain supported the possibility of continued gains in the coming days. XRP’s 30-day market capitalization realized value (MVRV) increased tremendously, and so did the token’s social volume.
However, the setback for XRP could be the decline in its development activity last week, which was generally a negative signal for Ripple.