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Ripple [XRP] investors should know this before going short



Source: Pixabay

The legal battle with the SEC is not the only issue that has been receiving quite a turnaround where Ripple is concerned.

XRP just hit a new milestone. The number of unique addresses interacting on the network exceeded 247k count during a four-hour window period.

As per Santiment, this is the highest spike on the network since February 2020. At the same time, new XRP addresses have remained consistent showing steady growth.

Source: Santiment

With the growing interactions, a similar development was recorded in XRP’s trading volume. Interestingly, trading volume remained relatively high on Ripple as it hit an anomaly as of 22 July and 18.7 billion XRP was traded that day to close the working week.

According to Santiment, this could have a bearing on the upcoming price action of XRP.

More to come

That being said, Ripple released another major announcement this week about the partnership with FOMO Pay.

The Singapore-based payment institution will use this partnership to improve cross-border treasury flows using XRP. This will allow FOMO to achieve affordable and instant settlement in EUR and USD globally.

The XRP token has not been a recipient of the flourishes of the crypto relief rally which ended over the weekend.

In the past week, XRP has tumbled by 10.5%, thus bringing down the token value to $0.33, at press time.

The network volume on Ripple also slashed down since 26 July by 12.4%.

This downfall is further aggravated by the upcoming Fed decision on interest rates which has induced fear in the market.

With the SEC tug of war not going anywhere, Ripple will have shelter from the storm as it’s touted that the real bear market will enter in August 2022.

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Kanav is a journalist at AMBCrypto. He has a Masters in Media and International Conflict and is interested in areas of digital society, crypto developments in the political sphere and the socio-cultural impact of a crypto-society.

Disclaimer: AMBCrypto's content is meant to be informational in nature and should not be interpreted as investment advice. Trading, buying or selling cryptocurrencies should be considered a high-risk investment and every reader is advised to do their own research before making any decisions.