- Japanese financial services giant SBI Holdings is launching a crypto-asset fund that invests in XRP.
- The sharp rise in headline activity, which was observed on September 10, saves the altcoin price from falling further.
- The XRP Army is preparing to represent their interests in the Securities Commission’s lawsuit against Ripple.
Ripple and the SEC acknowledge that Ripple does not owe a fiduciary duty to XRP holders in the ongoing case. So the XRP Army is ready to represent its own interests in the case.
Investors are bullish on XRP as an army of coin holders steps in to represent their own interests
According to the latest developments in the SEC’s litigation against Ripple, XRP holders are moving to represent their interests. This means that the community of XRP supporters has stepped up to protect the altcoin from a negative impact on its price.
Ripple holdings remain the largest public owner of XRP and are litigating the payments giant. This has consistently had a negative impact on the price of the original XRP since December 2020.
John Deaton, founder of Crypto-Law.us and a staunch supporter of XRP, is convinced that holders can now take action. The community is considering filing a class action in response to Deaton’s call to action.
After the overall market cap of the cryptocurrency plunged into a rapid crash, the price of XRP recovered through a sharp spike in on-chain activity. Based on data from Santiment, a behavioral analytics platform, the price of XRP is up 10% after a slight dip with increased address activity.
Historically, an increase in unique titles is followed by a price hike, in the short to medium term.
Moreover, the positive developments in Ripple reinforce the bullishness of XRP. SBI Holdings (Strategic Business Innovation Group) is preparing to launch a crypto fund that will invest in Bitcoin, Ethereum, Bitcoin Cash and XRP.
The news of the Japanese financial giant’s fund is a positive development for Ripple and is likely to increase the interest of the original asset XRP.
FXStreet analysts have predicted that XRP’s price movement will be determined by how it behaves within a narrow range, indicating that the altcoin is likely to reach $1.60 soon.