On Chian Metrics & Kraken Ruling Could Spark XRP Gains
According to on-chain metrics, traders should exercise caution as XRP is poised for a possible surge.
Despite weak development activity and declining trends, on-chain measures exhibit bullishness. According to cryptoquant, since the SEC order in mid-July, daily active addresses have stabilized after peaking.
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Since June, there has been continuous network growth. Early August saw a price decline, however accumulation was indicated by a rise in the mean coin age.
There’s less chance of strong selling pressure because there is a low dormant circulation, or fewer tokens moving.
Although there have been some gains for holders, profit-taking has limited gains and the short-term MVRV is positive. As the network grows steadily, accumulation will continue to fuel demand for XRP.
SEC Appeal Decision Looms Amid Growing Uncertainty
The current decline in XRP price could be attributed to a lack of clarity around the SEC’s possible appeal. The SEC dropped this lawsuit against Ripple, but it has not said whether it will challenge the most recent ruling. The SEC has not yet made any announcement on its plans, therefore XRP’s future remains uncertain nearly three weeks after the final ruling.
The SEC has had several confidential meetings; the Ripple case may be reviewed at the upcoming meeting on Thursday, August 29. There is still suspense because Ripple and the SEC have sixty days to file an appeal of the ruling.
Although the court’s decision allowed the SEC’s request that Ripple adheres to US securities regulations, it did not ban the company from selling XRP to institutional buyers. The current price of XRP is a reflection of the persistent legal uncertainty.
Another court, this time in the Kraken case, confirms there's no such thing as a “crypto asset security.” Bad news for the SEC, whose entire regulation-by-enforcement strategy hinges on that failed premise. https://t.co/gSSOmGDQQU
— Stuart Alderoty (@s_alderoty) August 24, 2024
Meanwhile, Stuart Alderoty, the Chief Legal Officer for Ripple, pointed out that in a recent case involving Kraken, the court decided that there are no such things as “crypto asset securities.”
This is important because the SEC (the U.S. Securities and Exchange Commission) has been using the idea that some cryptocurrencies are securities to justify their enforcement actions.
According to Alderoty, this ruling is bad news for the SEC because it challenges the very basis of their regulatory approach.
However, this is offering some support to XRP today as this case is somewhat similar to that of XRP and SEC legal case.
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