SEC vs. Ripple case takes another turn, making investor bullish on XRP
- Japanese financial services giant SBI Holdings is launching a crypto asset fund which invests in XRP.
- Spike in address activity, noted on September 10, rescues the altcoin's price from plunging further.
- XRP Army prepares to represent their interests in Securities Exchange Commission's lawsuit against Ripple.
Both Ripple and SEC admit that Ripple owes no fiduciary duty to XRP holders in the ongoing case. Therefore the XRP army is ready to represent its own interests in the case.
Investors bullish on XRP as army of holders steps up to represent their own interests
As per the latest development in SEC’s litigation against Ripple, XRP holders move to represent their interests. This implies that the community of XRP supporters has stepped up to shield the altcoin from negative impact on its price.
Ripple holdings remains XRP’s largest public holder and litigation on the payments giant. This has consistently led to a negative impact on native asset XRP’s price since December 2020.
This ridiculous answer by SEC is consistent with the absurd allegations made in the Complaint.
— John E Deaton (@JohnEDeaton1) September 10, 2021
SEC claims ALL #XRPHolders entered into a common enterprise not just with @Ripple but with every other #XRPHolder in the world and we expected thewe used to buy #XRP to be pooled.♂️ pic.twitter.com/wTMV004YDP
John Deaton, founder of Crypto-Law.us and a strong XRP proponent, is convinced that holders can now take action. The community is considering a class action lawsuit in response to Deaton’s call to action.
After a drop in the overall crypto market capitalization in a flash crash, XRP price recovered through a spike in on-chain activity. Based on data from Santiment, a behavioral analytics platform, XRP price rallied 10% after a minor pullback as address activity increased.
Historically an increase in unique addresses is followed by a rise in price, in the short to mid-term.
Further, positive developments in Ripple fuel the bullish narrative of XRP. SBI Holdings ( Strategic Business Innovator Group) is preparing to launch a cryptocurrency fund that invests in Bitcoin, Ethereum, Bitcoin Cash and XRP.
The news of the Japanese financial giant’s fund is a positive development for Ripple and likely to increase the utility of the native asset XRP.
FXStreet analysts have predicted that XRP’s price action will be determined by how it behaves within a tight range, suggesting that the altcoin is likely to hit $1.60 soon.
Author
Ekta Mourya
FXStreet
Ekta Mourya has extensive experience in fundamental and on-chain analysis, particularly focused on impact of macroeconomics and central bank policies on cryptocurrencies.
