Crypto investors can become discombobulated when gains occur across the board. Should one scramble between high-risk high reward meme tokens, purchase perennial DeFi performers, or stick to large caps Bitcoin and Ethereum? If you’re an investor juggling between the buffet of options, you might want to take a look a few minutes to look at XRP. The legacy coin has silently become the highest weekly gainer among the top 10 coins, with gains of 7% outpacing market leaders. Before jumping into the price and metrics, it’s first necessary to look at Ripple, the foundation behind XRP.
Ripple Lawsuit Development
Ripple’s lawsuit with the U.S. SEC has carried on since December 2020 but the parties haven’t arrived at a definitive conclusion thus far, with each side trading equal blows.
However, Ripple recently scored a major victory after Magistrate Analisia Torres struck SEC’s motion to have Ripple’s fair notice defense excluded. The development allows Ripple to argue that the SEC never notified it that its sale of XRP tokens was illegal, should the case go to court. Ripple’s argument could be a major weapon in its battle against the SEC and some advocates believe it could even throw SEC’s entire case into disarray.
Furthermore, even if the matter heats up in the coming days, Ripple has created a safety net by appointing former Barack Obama senior adviser Michael Warren to its board of directors.
To Be SWIFTly Replaced?
Meanwhile, XRP’s developmental activity looks like its getting back on track after a quiet couple of months. Ripple’s partner ‘The Clearing House’ is reportedly working with financial powerhouse Wells Fargo to build a cross-border payments solution that could potentially replace the ‘SWIFT’ banking system. The solution could be a game-changer for Ripple, whose primary aim is to create faster and cheaper transfers compared to the traditional SWIFT system.
BSC Whales Bullish On XRP
BSC whales are usually on top of crypto developments and it did not take long for XRP to feature in their list of favorites. Data from Whalestats showed that XRP briefly occupied a position in the most used smart contracts by the top BSC whales.
Liking XRP’s prospect, an anonymous wallet purchased $76 Million worth of XRP tokens in a single transaction from Crypto.com’s exchange
Daily Active Addresses Notes Declining Sell Pressure?
Taking into account some general updates and large purchases, XRP’s daily active addresses (DAA) were also interesting. Since November 2021, there seems to be a divergence between XRP’s price and its DAA. A rise in DAA has been followed by a sharp decline in price between October-January indicated that investors have been offloading their XRP tokens rapidly.
However, the dynamics have been different since February. XRP’s price has risen by 33%, coinciding with a gradual decrease in DAA. The finding suggested that selling pressure has gradually reduced in the market.
XRP Price
So where do these developments leave XRP’s price? Symmetrical triangle currently holds XRP’s price and the technical pattern is normally ominous of an incoming swing. Simply put, a close above $0.81 can create the next big XRP rally, and given how the ecosystem is progressing, it’s hard to why imagine why the alt would not surprise investors with a big move. At the time of writing, XRP traded at $0.79, up by 3% over the last 24 hours.