In a recent tweet, Alicharts indicates an XRP supply shift, with the amount of XRP held by whales increasing in the last two weeks.
According to Ali, 200 million XRP have been bought by whales in the last two weeks. The increase in the whale supply coincides with an increase in network activity.
In a recent tweet, Santiment reported that XRP Ledger hit a five-week high in network activity. On March 16, XRP saw 46,767 active addresses, the most since Feb. 12.
The number of XRP holders, or nonempty wallets, rose past 7.7 million for the first time in XRP's more than 13-year history as usage continues to grow.
Amid this enthusiasm, XRP social sentiment has risen. According to Lunarcrush, social sentiment for XRP has risen to 89%, nearing one-year highs. XRP social dominance is also up 318% compared to the daily average.
A "golden cross" signal has appeared on XRP's four-hour chart, as the 50 MA has risen above the 200 MA. This signal comes after XRP saw buying pressure, which caused price to reach $1.60 on March 17.
XRP rose for five days at a stretch from March 12 to March 16, extending a recovery from a March 8 low of $1.32. The rise lifted XRP above the daily MA 50 at $1.449, which had capped its price since January.
As it stands, XRP is struggling to hold above this key level at $1.449. If this is achieved, XRP will eye a return to $1.50 and $1.60.
On the contrary, a drop below $1.44 may cause XRP to return to its previous range and extend its sideways price action.
The Securities and Exchange Commission (SEC) has issued an interpretation clarifying how federal securities laws apply to certain crypto assets and transactions involving crypto assets. The SEC acknowledges that most crypto assets are not themselves securities, shifting completely away from an enforcement approach.
This comes after more than a decade of uncertainty, with the Ripple SEC lawsuit dragging on for nearly five years.