Ripple News : XRP Network’s Rising Discussion Indicates Potential Price Rebound amidst FUD and Greed
The post Ripple News : XRP Network’s Rising Discussion Indicates Potential Price Rebound amidst FUD and Greed appeared first on Coinpedia Fintech News
In the early hours of Monday, XRP Network experienced a notable surge in discussions among traders. This increased attention comes at a time when the asset’s price has been declining. Such a scenario often raises the likelihood of a price rise, as it aims to counteract the effects of fear, uncertainty, and doubt (FUD) prevalent in the market, as well as greed-driven sentiment.
#XRPNetwork has seen an uptick in discussion in Monday's early hours. Generally, when traders are increasing discussions of an asset while its price has been declining, it increases the probability of a price rise to cancel out #FUD & greedy #shorts. https://t.co/nMgmfe25Tw pic.twitter.com/cc2REyl2pQ
— Santiment (@santimentfeed) July 10, 2023
A recent tweet by Santiment has drawn attention to the increased discussions surrounding the XRP Network during a period of price decline. The tweet suggests that when traders actively engage in conversations about an asset while its value is decreasing, it can indicate a higher probability of a subsequent price rise.
The legal battle between Ripple Labs, the company behind the XRP cryptocurrency, and the United States Securities and Exchange Commission (SEC) has been highly anticipated within the cryptocurrency community. The outcome of this lawsuit has the potential to shape the regulatory framework for digital assets and impact the future of Ripple, as well as the broader cryptocurrency industry.
In December 2020, the SEC filed a lawsuit against Ripple Labs, alleging that the company conducted an unregistered securities offering through the sale of XRP. The SEC claimed that XRP should be classified as a security, subject to the same regulations as traditional stocks and bonds. Ripple, on the other hand, has consistently argued that XRP is a digital currency and not a security, similar to Bitcoin or Ethereum.
According to CoinMarketCap data, XRP is trading at $0.4672 at press time, with a 0.6% drop in value over the last 24 hours. XRP is also down by over 87.8% from its all-time high of $3.84.
