- XRP holders are growing exponentially to the upside.
- The sudden change in sentiment is likely related to a new turn taken by the SEC case against Ripple.
- Big whales entered a buying spree in anticipation of a positive decision.
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The new turnaround was in the SEC v. Ripple is enough to lure investors back to XRP.
Speculation escalates around XRP
The number of XRP-related posts on various social networks surged on March 22nd. In less than three days, engagement is up a whopping 309%, according to data from LunarCRUSH.
Most importantly, more than 80% of all social interactions are optimistic about the original Ripple token.
The increased chatter is likely related to a new turn in The SEC’s ongoing lawsuit against Ripple.
as To attorney Jeremy Hogan, the US Securities and Exchange Commission has inadvertently indicated that exchanges that approve and allow XRP trading will not violate any guidelines. Under Section 4 of the Securities Act, only Ripple and its affiliates can be charged with illegal sales.
Within minutes of commenting, hashtag “RelistXRPIt was trending on Twitter while the number of related posts rose exponentially.
– CryptoBull2020 (@CryptoBull2020) March 21, 2021
However, Park Bramhall, senior advisor at Lowenstein Sandler LLP, believes the SEC has been taken out of context. Lawyer to explain “Parties other than Ripple and its affiliates can rely on the waiver of registration.”
The return of the big whales
Positive social engagement has also led many large investors to add more XRP to their portfolios.
The Santiment holders distribution chart shows that the buying pressure behind this cryptocurrency has increased significantly over the past week. The analytics firm reported a spike in multi-million dollar addresses in XRP, colloquially known as “whales.”
Addresses with more than 10 million XRP tokens are up 4.90% since March 15th. Approximately 15 new whales have joined the network in this short period.
The recent increase in the number of large investors behind XRP may seem insignificant at first glance. However, when considering that these whales hold over $5 million in XRP, the sudden surge in buying pressure can translate into millions of dollars.
If the buying spree continues, XRP may have the potential to do so Advance more And reach new annual highs.
This bullish outlook coincides with Create An inverse head and shoulders pattern on the 4-hour chart of this cryptocurrency.
Although XRP is currently forming the right shoulder of the bullish pattern, it could break this pattern. A sudden rise in bids could lead this altcoin to close above the pattern’s neckline at $0.65, up 72.50% towards $1.12.
Traders should wait for the 4-hour candle to close above the $0.65 resistance in order for the inverse head and shoulders pattern to be validated. Failure to do so could lead to a pullback to the $0.39 support level.
If XRP breaks below this critical price barrier, it will nullify the bullish outlook and drop towards the next critical area of interest at $0.20.
Disclosure: At the time of writing, this author owns Bitcoin and Ethereum.
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