With new developments in the Ripple-SEC lawsuit, analysts are now keeping an eye on the company’s native token, XRP. On-chain and technical analyst Ali Martinez reviewed XRP and published an interesting finding earlier today. According to him, XRP may be providing excellent buying opportunities for investors.
Martinez used the 30D Framework 30D Market Value to Realized Value (MVRV) metric to support his view and said on Twitter that the metric fell to -0.91%. This shows that “the downtrend is approaching exhaustion.” During the past year, every time “MVRV drops below 0%, it acts as a buy signal for XRP.”
Moreover, the XRP whale “appears to be returning to accumulation mode”. According to data from Santiment, over the past week, the number of wallet addresses containing “more than 10 million XRP tokens” has increased by about 4.90 percent. In addition to the spike in whale accounts, about 15 new whales have “joined the network” in just the past seven days.
Earlier, Santiment discovered that since the SEC announced the allegations against Ripple, the XRP whale has shrunk. Specifically, wallets containing 10 million XRP and more fell, by about 18 whale addresses, shortly after the SEC sued the Ripple founder.
But Ripple’s native token has now become a “stable presence” on Santiment’s “emerging trends” page. Interestingly, its “discussion spike” may have followed everyone’s expectations for a possible settlement in the Ripple-SEC lawsuit. In addition, Santiment points out that the ‘buy the dip’ trend is on the rise for other cryptocurrencies like BTC.
Presumably, avid investors may be applying the same principle to hoarding XRP in anticipation that the price will rise. In fact, XRP’s social media presence increased with the ‘Relist XRP’ campaign, a campaign asking crypto exchanges to support XRP once again becoming trending on Twitter lately. One Twitter user pointed out.
Regardless of whether or not exchanges relist cryptocurrencies, it can be safe to say that XRP is attracting a lot of interest from retail traders.
It will be interesting to see if the XRP army can push the price of XRP even higher, possibly even up to the $ 1 range. Similar to how Doge’s army has caused on price action with coin meme. At press time, XRP is trading at $ 0.54, up 13% over the past 24 hours.