By Nathan Ferguson
Ripple’s chatter increased during the week because of news updates concerning the company. The SEC closes in a statement concerning the long-going suit against Ripple, while the company’s recent announcements revealed plans in Canada. Meanwhile, XRP saw significant uptrends within the past two days.
A recognized Fox journalist Eleanor Terrett stated that the Securities Exchange and Commission is about to announce crucial decisions about the lawsuit. The decision will likely offer more clarity about the suit’s direction and gauge Ripple’s winning possibilities.
Furthermore, Ripple declared plans to ensure its presence in Canada early this week. It will achieve that through an engineering hub based in Toronto. The two announcements might have contributed to increased excitement in XRP.
While publishing this blog, XRP changed hands near $0.365, surging over 10% within the past 24 hours. The leg up propelled the alternative token towards the $0.387 highs before a light pullback surfaced. The Money Flow Index (MFI) shows substantial accumulation over the week. That was enough to propel the remittance token to a higher value area. Nevertheless, the brief retracement within the past few hours affirms that XRP saw some friction around the Relative Strength Index’s 50-level.
Hope as Upside Fuel
The XRP price uptick confirms excitement within the community following the announcements that seem to favor the crypto project. A winning outcome will likely trigger massive gains; thus, the subject saw much attention.
Santiment’s data shows Ripple’s social dominance metric recorded a substantial increase, climbing from June 21’s 0.265% to June 24 at 1.47%. Moreover, it matches the significant upsurge in price at the same timeframe. That reflects the relationship between increased Ripple & XRP social chatter and the Ripple suit.
Active Ripple addresses also witnessed a substantial increase. This metric hovered at the 27,602 lows on June 21 and peaked on June 23 at 51,332. The asset’s 30-day MVRVR bottomed near -17.68% on June 18 before a substantial surge to -0.04 on June 24. That’s because most addresses that purchased following Terrett’s remarks enjoy profits.