XRP’s New Momentum Leaves Solana And Cardano In The Dust As Ripple Eyes ‘Big Win’ In SEC Case

10274
Ripple Boss Brad Garlinghouse Speaks On Likelihood Of XRP ETF Launching On US Exchange
Advertisement
   
  • XRP’s metrics spiked over the weekend, led by a series of broken records.
  • Some of the network’s whales have risen from the bottom of the ocean floor to be active again.
  • In court, Ripple continues to slug it out with the SEC as the case nears its conclusion.

XRP has attained new milestones over the last seven days, riding the waves of a series of wins in court against the Securities and Exchange Commission (SEC) and recording a rally.

XRP’s new drive

Data from Santiment, a blockchain analytics firm, points out a series of new milestones achieved by XRP. The firm notes that the new records reached by the network put it in pole position over other altcoins.

“XRP is ahead of the altcoin pack recently, and some major milestones have hit over the past week,” Santiment wrote on Twitter. “In addition to several massive active address spikes firing off, there have been massive dormant tokens shifting addresses this week.”

On-chain data showed that XRP had 208K active addresses on Saturday, making it the highest since February 2020. Still basking in the euphoria of active addresses, the network managed to record 854 billion token age consumed during the week, making it the highest since December 2020. Token age consumed is an online metric that indicates the number of assets changing hands on a day, multiplied by the last time they moved.

XRP took advantage of the crypto rally to make impressive gains during the last week to reach a 7-day high of $0.3434. While unable to catch up with the massive double-digit increases posted by Bitcoin and Ethereum, XRP performed considerably better than ADA and SOL on the weekly charts.

Advertisement
   

Behind the data

Several factors might account for XRP’s slight resurgence in recent days. First on the charts is the broader reversal faced by the markets after nearly two months of steady decline. Bitcoin (BTC) and Ethereum (ETH) recorded remarkable gains that rubbed off on other altcoins as they inched their way out of the winter.

The latest wins by Ripple against the SEC may have also played its part for the XRP network. The court rejected the SEC’s motion not to admit an ex-Commissioner’s speech that referred to Ethereum as being a security back in 2018.

Judge Sarah Netburn referred to the Commission’s antics as “hypocritical” and contrary to its duties of upholding the law. The drawn-out court battle has led several Congressmen to question the regulator where their allegiance lies – whether to the public or for its interests.

Regardless of the case’s outcome, Ripple’s leadership has several aces. In the event of a loss, the company says it will move its operations out of the country to receptive jurisdictions.