SEC vs. Ripple effect and everything to know about XRP’s latest feat

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After months of tus­sling with the SEC, Rip­ple final­ly man­aged to gain an upper hand in the case recent­ly. And, this sparked excite­ment in the cryp­to community. 

After review­ing the facts of the case, Judge Tor­res direct­ed the SEC to release doc­u­ments writ­ten by for­mer SEC Cor­po­ra­tion Finance Divi­sion Direc­tor William Hinman. 

The doc­u­ment pop­u­lar­ly known as the “Hin­man speech” has been of utmost impor­tance in the SEC vs. Rip­ple case for quite some time now. 

Dis­trict Court Judge Sarah Netburn’s rul­ing con­veyed that emails and speech drafts were not cov­ered by the delib­er­a­tive process priv­i­lege, as the SEC had argued. How­ev­er, Judge Tor­res over­turned the deci­sion and asked the SEC to com­ply with the release of the documents.

This def­i­nite­ly brought joy to XRP investors. Soon after this episode, the alt reg­is­tered a promis­ing gain and was trad­ing 11% high­er than 29 September. 

How­ev­er, the point of dis­cus­sion remains- whether this recent hike was just an out­come of the ongo­ing hype or if there was any­thing con­crete sup­port­ing the uptick. Inter­est­ing­ly, a look into XRP’s on-chain met­rics pro­vid­ed some light on this matter. 

It’s a weekend party

The community’s excite­ment around XRP was no sur­prise. Investors and traders were going gaga over XRP after the news broke. 

Fur­ther­more, LunarCrush’s data high­light­ed some bull­ish stats as the coin’s social engage­ment and social con­trib­u­tors met­rics increased considerably. 

Inter­est­ing­ly, Santiment’s chart revealed that sev­er­al on-chain met­rics were also in favor of XRP. For instance, XRP’s 30-day Mar­ket Val­ue to Real­ized Val­ue (MVRV) ratio reg­is­tered an uptick on 29 Sep­tem­ber, which was a bull­ish signal. 

More­over, after wit­ness­ing a decline in the recent past, devel­op­ment activ­i­ty also reg­is­tered an uptick, at press time. 

Source: San­ti­ment

Well, the num­ber of dai­ly active address­es also wit­nessed a hike last week. This was an indi­ca­tion of a ris­ing net­work user base. 

XRP’s NFT space was also wit­ness­ing some pos­i­tive move­ment as its total NFT trade count went up sharply in the last few days.

Source: San­ti­ment

A look at what’s to come in the future 

A look at XRP’s dai­ly chart paint­ed a bull­ish pic­ture, as most of the mar­ket indi­ca­tors sug­gest­ed a fur­ther hike in its price over the com­ing days. 

Accord­ing to the Expo­nen­tial Mov­ing Aver­age (EMA) Rib­bon, the 20-day EMA was well above the 55-day EMA, which was a bull­ish signal.

XRP’s Chaikin Mon­ey Flow (CMF) also reg­is­tered an uptick, reveal­ing the pos­si­bil­i­ty of a con­tin­ued price rise. But, the Bollinger Bands (BB) move­ment indi­cat­ed that XRP’s price was in a volatile zone. 

The read­ing of Mov­ing Aver­age Con­ver­gence Diver­gence (MACD) was also sim­i­lar as it dis­played a buy­ers’ advan­tage in the market. 

How­ev­er, the Rel­a­tive Strength Index (RSI) was about to enter the over­bought zone. It sig­nals that a trend rever­sal in the near future can’t be ruled out.  

Source: Trad­ingView



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