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According to Santiment, the XRP price is reflecting the latest growth in its network, skyrocketing by 50% since Feb. 3, when it began its upward rise. XRP is set to mark the sixth green day as it surges to highs of $0.91 on Feb. 8. XRP presently trades at $0.84, as seen on Binance Exchange.
? $XRP is +37% the past 4 days, and finally is reacting to its daily active address uptick that started in mid-January. #XRPNetwork's coin currently sits a tick above $0.82 and is outputting the same addresses as it did in early November at $1.18. ?https://t.co/HN1kNwa5CE pic.twitter.com/mjIBLWnsjx
— Santiment (@santimentfeed) February 8, 2022
On-chain analytics firm Santiment notes that XRP's daily active addresses have seen a steady uptick in recent months. At present prices, Santiment notes that XRP active addresses are at levels seen in early November, nearly three months ago.
Looking at DAAs (Daily Active Addresses) is a good technique to track network activity over time because higher DAAs indicate more blockchain usage. As a result, DAAs are sometimes used as a leading indicator for price movement—demand for network access may increase demand for the blockchain's native token.
Updates in Ripple lawsuit
According to court filings, Judge Analisa Torres has granted Ripple permission to respond to the SEC's Memorandum of Law in support of the Motion to Strike fair notice defense. Judge Torres also ordered the unsealing of three papers related to the SEC v. Ripple lawsuit, including the email thread and deposition notice of Ripple CEO Brad Garlinghouse and the email string of founder Chris Larsen.
Question to @SECGov: What specific efforts by @Ripple were directly responsible for this latest increase in price, given that you argue "economic reality dictates" that #XRP holders "have no choice but to rely on Ripple's efforts" to achieve market value increases like this? https://t.co/Uy7HAKoerC
— CryptoLaw (@CryptoLawUS) February 7, 2022
John Deaton, the attorney for XRP holders, suggests that it would be "near impossible to prove any real correlation" between the price of XRP and Ripple's public pronouncements, according to the report. The SEC must also prove that Brad Garlinghouse and Chris Larsen sold XRP in the United States, according to the crypto law founder.
Vladislav Sopov