XRP gearing for a price hike as multiple indicators move in a positive direction.
The Factors Influencing XRP’s Price
For an asset to gain value there are many factors that play a critical role. A few among them are changes in active blockchain addresses and social media mention rate. In XRP’s case, however, the SEC lawsuit has been a major price driver over the past couple of years.
In December 2020 SEC had filed the lawsuit against Ripple, firm’s CEO Brad Garlinghouse and Co-Founder Chris Larsen. The lawsuit alleged that under the leadership of Garlinghouse and Larsen Ripple sold $1.3 billion worth of XRP tokens as securities, violating the securities law.
Right after the lawsuit was filed, XRP lost its value significantly. But as the litigation went forward, Ripple’s strong defence pushed SEC to the wall that resulted in a positive XRP price movement.
XRP Price Analysis:
Currently trading at $0.51, XRP is down 5.1% in the past 24-hours. This recent downfall is caused by the worsening global economic situation. Further, the coin has gained Value by 1% during the week and 10% 9ver the month.
Network growth is often considered one of the most accurate price predictors. Generally, a steady increase in the # of new addresses created on a given blockchain leads to a major price upswing. pic.twitter.com/cI1sVr95pt
— Ali (@ali_charts) June 5, 2023
Notably, XRP is expected to experience a price rally as active XRP addresses see an increase. While the active XRP addresses in mid-May were 976 they rose up to 2,600 on June 3. While this represents a significant increase, the number of active XRP addresses are still below the March 29th level of 3,360.
🗣️ #XRPNetwork is the top trending asset in #crypto as prices have jumped +22% the past 19 days. We are also seeing historically high address activity surges for the 6th ranked market cap asset. Expect $XRP's price to behave uniquely for the time being. https://t.co/xfW9vOGXcC pic.twitter.com/WYNbPkkJFd
— Santiment (@santimentfeed) May 31, 2023
Moreover, the social media discussions about the crypto token reached a significant milestone, accounting for 16.2% of all digital asset mentions. This marks its highest level of social engagement in over a year, with ‘XRP’ emerging as the second most popular trending keyword in the crypto world.
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