The ancient opportunity zone has been reclaimed by XRP, according to the Santiment MVRV opportunity and risk zone model.
When viewed in further detail, Santiment’s MVRV opportunity and danger zone divergence chart reveals that XRP is now in the “underbought zone.”
The crypto market capitalization has dramatically decreased as a result of the current market sell-off, according to a report by the on-chain analytics company on X (previously Twitter), and as a result, traders are sharply split and have conflicting opinions.
Santiment emphasises this apparent point, however: Average crypto profits are at a historically mathematically advantageous area. This is due to the enormous undervaluation of cryptocurrencies, including XRP, as a result of this week’s big sell-off.
An asset is said to be underbought or oversold when it has declined significantly and is anticipated to rise again.
Cryptocurrency analyst Benjamen Cowen claims that the whole shift made by XRP following the SEC v. Ripple decision has been reversed. He asserts that stories like the Ripple decision don’t have a long-term effect on the price of XRP. According to Cowen, the price of cryptocurrencies is more influenced by extra liquidity than by the outcome of a legal dispute.
Following a significant market sell-off on August 17 that witnessed millions of dollars’ worth of crypto liquidations in a relatively short amount of time, XRP plunged precipitously to lows of $0.436. From these lows, XRP has somewhat rebounded, declining little over the past day to $0.504.
Recent developments in Ripple SEC lawsuit
The court issued a fresh scheduling order on August 17 that gave the SEC permission to ask for an interlocutory appeal. After then, on August 18, the SEC filed its request for an interlocutory appeal.
Lawyers from the XRP community used X (previously Twitter) to clarify certain facts regarding the latest development.
According to lawyer Jeremy Hogan, the most recent filing is really the SEC’s request for permission to launch an appeal, not an appeal in and of itself. According to Hogan, because the SEC filing was not appellate, it was technically a non-appeal move.
John Deaton, an attorney for XRP investors, formed the company CryptoLaw, which emphasises a crucial point: The SEC is not contesting the XRP token’s status as a non-security.
