XRP has been through a wave of activity in 2023, especially as the legal battle between its parent company (Ripple Labs) and the US Securities and Exchange Commission rages on.
And it so happens the action continues through this week.
According to recent reports, Ripple has now broken some resistances and is beating several other cryptocurrencies in key metrics, despite Ripple whales making a few bearish moves.
In this article, we will cover the key points about XRP's price and on-chain metrics, and everything you should know about the ongoing Ripple versus SEC's battle in court.
It turns out that the metrics on Ripple on exchanges are sending mixed signals.
Here's what that means:
First of all, despite Korean investors showing interest in Ripple over the last week of August, the selling pressure on Ripple has almost hit 55% on Upbit, the biggest South Korean crypto exchange.
The selling pressure was also strong on OKX, with a percentage of sell orders of 54%.
However, what is interesting is that users on exchanges like Binance and Coinbase, are embracing Ripple, with Coinbase getting the largest buy pressure last month.
According to recent reports, several hundreds of millions of XRP were moved from a crypto exchange to an anonymous wallet.
According to a tweet from Whale Alert, about 29,700,000 Ripple was transferred from an "unknown wallet" into Bitstamp. And according to Bithomp this "unknown wallet" was actually Ripple Labs itself.
Everyone now wonders:
Why would Ripple transfer $15 million worth of XRP into an exchange?
Whale Alert went further to say that another massive 425,322,309 Ripple transaction moved from the Bitvavo exchange into an "unknown wallet".
However, despite this, there are some other very positive developments. Like how:
Data from Kaiko shows that Ripple has experienced remarkably active trading volumes.
In fact, XRP has at least four times as much as the next two largest cryptocurrencies, Solana [SOL] and Binance Coin [BNB], which recorded transaction volumes of $128 million and $121 million, respectively.
Kaiko even notes that the trading volumes on Ripple reached $462 million during the summer, according to the illustration above.
The bears succeeded in pushing XRP below $0.5 in the first few days of September.
However, the bears were unable to sustain this downward pressure, as shown by the lower wick of 1 September's doji.
While the bulls quickly swung into action and pushed the price of the cryptocurrency further up to the $0.5118 zone, the bears are not letting up, and appear ready to replay the attack.
This means that the $0.5 zone is a key level to watch.
If the bulls push Ripple into a bounce from this level, we might see an XRP rally to $0.65. However, if a break below this level occurs, we may see a price decline to $0.42.
The legal team for Ripple responded to the SEC's request for an appeal on September 1 in a document filed with the U.S. District Court for the Southern District of New York.
As it turns out, the legal counsel for Ripple urged the judge to reject any appeal or stay requests, because the SEC "had not met requirements" for an appeal.
Meanwhile, John Deaton, a well-known crypto attorney and supporter of Ripple, has thrown another bomb at the SEC.
In a recent thread, the lawyer accused the agency of stifling Ripple's acceptance and growth in the country.
"#XRP was created for payments. #Doge coin was created as a joke. Yet, because of the SEC, the joke token gets used as a payment token but the payment token is not allowed. Yea, that makes perfect SEC sense."
Deaton went further to mention that the SEC's and Ripple's two-and-a-half-year legal battle had an impact on the acceptance of Ripple as payment in the United States.
Disclaimer: Voice of Crypto aims to deliver accurate and up-to-date information, but it will not be responsible for any missing facts or inaccurate information. Cryptocurrencies are highly volatile financial assets, so research and make your own financial decisions.