Key Takeaways:
- A Santiment report stated that media narratives might be manipulating XRP price movement.
- Lawyer predicts Ripple SEC case judgment in July
NEW DELHI (CoinChapter.com) — A Santiment report stated that the XRP price might be a slave to media narratives. Moreover, the report stated that Ripple’s innovation had become stagnant, with no recent developments in the news.
The report noted that the XRP blockchain appeared to be in a state of completion, with development activity declining steadily since Nov 2021. However, Santiment noted that development activity witnessed short spikes, but the overall trend has been negative growth.
Furthermore, apart from two bull markets, XRP price has relied on the impact of media presence for its price action.
Over the past 12 months, events such as former founder Jed McCaleb emptying his XRP wallet, a spike in cross-border payments, the SEC lawsuit, etc., have impacted the token’s price more than other factors. The trend highlights the impact of outside factors on the token’s price action.
Also Read: President Joe Biden and House Speaker Kevin McCarthy Reach Tentative Deal to Raise US Debt Ceiling
The price does not look natural, it is artificially regulated by large transactions.There is no place for spontaneous healthy plays, news and big money
Santiment noted in its report.
Additionally, the data analytics platform noted that whale transactions significantly impact XRP price movement. As a result, the price action “does not look natural.”
Interestingly, buyers have been amassing the token when sentiment for Ripple has been low, resulting in the number of wallets holding less than 1 million XRP tokens rising steadily.
Ripple SEC Lawsuit Judgement Might Come In July
Meanwhile, pro-Ripple lawyer Jeremy Hogan shared his observation on the timeline for a judgment in the SEC Ripple lawsuit.
Per Hogan, the lawsuit might conclude by July 2023. The lawyer quoted a tweet in which Ripple founder Brad Garlinghouse claimed that the Ripple SEC case could see a resolution within weeks.
Hogan based his observation on the fact that the Judge has “been making major rulings about every 9 weeks,” noting that summary judgment is the only major ruling left in the lawsuit.
