By Franklin Smith
Ripple has been in a lawsuit battle with the SEC for some time. Though the remittance coin recorded surging buying pressure, the XRP price refrained from following an upside. That has made it challenging for traders to keep HODLing.
XRP’s Ripples
Most digital tokens have resurged to recover their losses following the June crash. Nevertheless, some assets could not perform well. XRP is among the cryptos that have endured a challenging journey. The alternative token has gained 16.38% from June lows to change hands at 36 cents at this publication.
Unfortunately, the surging buying momentum could hit saturation soon. That will mean reversing the ongoing upside bias. That will make collective recovery arduous. Meanwhile, XRP hovers 81.6% down from its May 2021 all-time high.
Investors did not react much when the alt failed to surge in October-November 2021. However, the current spike could see them responding. That’s according to hints from on-chain developments.
Lastly, the network’s active addresses hit the highest one-day level since the token’s inception, hitting 258K early last week. The altcoin has never seen such several active investors since January 2022.
Surprisingly, most active players were investors who held their assets for over a year. Though there’s no implication if their visibility welcomed significant selling, most long-term investor supplies certainly partook in the on-chain transfers.
Their actions consumed more than 856 billion days – the highest figure in nearly 20 months. Ripple never saw such an occurrence since November 2020, when the altcoin dropped by 42% within two weeks.
Therefore, that confirms that long-term holders only move when Ripple exhibits a non-profitable status. Moreover, these investors could exit whenever the alt remains in this period for long.
Meanwhile, the broad crypto market continued to see bearish tendencies today. Bitcoin seems ready to surrender the $22K mark after showing resilience beyond the level.
While publishing this content, BTC changed hands at $21,904, dropping 0.13% over the past day (Coinmarketcap data). Most large-cap assets have logged minor retracements within the past 24 hours.
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