XRP has received a lot of attention this month despite its decline on CoinMarketCap’s charts. Not just because of his recent rallies, but also because of Ripple’s ongoing lawsuit against the SEC.
August 31st is an important date not only for the lawsuit, but also for XRP. Depending on what happens that day, the future of XRP will be decided. But why is the mentioned date so important?
XRP in trouble?
No more than it already is. In the context of the ongoing legal dispute, the deadline for determining the facts ends on August 31. Both parties go back and forth on Ripple’s request, including “forcing the production of internal and inter-agency documents.” In addition, in the latest development, attorney James Filan divided,
“The parties are moving together for a short extension of the deadline for the identification of facts … and for the extension of the deadline for the identification of experts to November 12, 2021.”
However, with the end of the investigation period on August 31, investors will be unsettled. Ergo, the effects of the same on XRPs can be seen also the price action.
Where is the price going?
Sideways. During last month’s rally, XRP rose 142% as the price rose from $ 0.5 to $ 1.2. However, there was also a sharp decline of 14.5% in the past week from August 16-17. This fall marked the beginning of a sideways movement in the charts that continues to this day.
Surprisingly, those concerns somehow drew more investors into the market.
Active addresses recorded steady growth from 10,000 to 21,6,000 over the course of the month. This also helped improve XRP’s MVRV ratio. The ratio of market value to realized value represents the value of the asset, which at the time of going to press was pretty good for XRP, at a 3 month high.
While investor sentiment appeared somewhat weak, the high level of development activity on the network sustains investor interest. The same can be seen in the graphic below.
In addition, Ripple is further expanding its activities in the South Asian market. Ripple recently announced its joint venture with SBI Holdings – the “SBI Ripple Asia”. In addition, the blockchain company has also added the transfer of Global Money Express (GME) to its list of customers.
Ergo, it is possible that XRP’s bullish position could strengthen depending on the development of the above lawsuit. Especially when everything is going well for Ripple.