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- Prolific crypto analyst, Ali Martinez, highlights the potential for significant price growth due to the rising activity of new address creation on the XRP blockchain.
- The second and third largest spikes in address activity on the XRP network have been recorded recently, leading to an 11% increase in XRP’s value over the last week.
Crypto analyst Ali Martinez draws attention to the swelling XRP network activity, signifying an encouraging prospect for its price trajectory. Martinez’s observations, based on Santiment data, highlight a substantial increase in the creation of new addresses on the XRP blockchain, a typical harbinger of forthcoming price escalation.
This recent anomaly in address creation has ignited interest in the past few days. U.Today, a foremost cryptocurrency news platform, first reported this unusual activity in late May, also referencing Santiment’s insights. The spikes in address generation have been noteworthy, ranking second and third in the history of XRP address activity observations.
In the last week alone, XRP has recorded an impressive 11% increase in value. However, it now encounters a formidable seller resistance at the pivotal $0.54 level. Overcoming this resistance is essential for paving the way towards the next goal of $0.6. Whether the price will indeed experience a surge, as Martinez anticipates, is yet to unfold.
XRP, known for its knack to defy market trends, has once more piqued the interest of traders and investors. While some interpret this as an encouraging sign, others recall the token’s tumultuous past, remaining wary. The big question is: will this marked growth in the XRP network indeed translate into a major price rally, or is it another faux beacon of hope?
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Simultaneously, the upcoming release of SEC’s William Hinman’s emails has stirred the XRP community. In anticipation, the SEC has conspicuously removed parts of Hinman’s biography from its website. This has triggered speculation among XRP enthusiasts that the SEC might be preparing to distance itself from Hinman ahead of the email release.
The aforementioned emails are critical to the ongoing SEC vs. Ripple lawsuit. Post the SEC’s charge against Ripple for U.S. securities law violations, Ripple requested access to drafts of Hinman’s 2018 speech to strengthen its fair notice defense. In his speech, Hinman classified Bitcoin and Ethereum as non-securities but failed to clarify XRP’s legal status.
Despite SEC’s attempts to seal these documents, a ruling last month rejected their motion. The unredacted emails, along with other summary judgment materials, are set to be unveiled on June 13, 2023.
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