Conclusion to SEC's case against Ripple expected to be released this quarter

According to an analysis by Santiment, XRP, the cryptocurrency of the XRP Ledger blockchain network, has several market indicators pointing to a bullish trend. Large XRP holders have increased their holdings by 25% over the past six months, bringing their total to 4.09 billion XRP. This trend is often seen at market bottoms and these large holders also have a strong influence on the price of XRP.

While the funding rate for XRP on Binance is slightly negative at -0.026%, which suggests a bearish sentiment among traders, this is primarily driven by retail traders who may not accurately predict short-term price movements. The 30-day MVRV for XRP, which measures the profit or loss of short-term traders, is currently experiencing average losses of -7%. This could lead to an XRP price surge as short-term traders may be hesitant to sell their coins at a loss.

The MVRV Long/Short difference metric, which measures the average profit or loss of long-term holders versus short-term holders, is trending upwards and currently at -11.45% while the price of XRP has remained relatively sideways. This could also potentially lead to an XRP upswing. The price of XRP has mostly fluctuated between $0.28 and $0.54 for the past six months and is currently trading at around $0.35.

Bullish on-chain metrics and anticipation of ecosystem announcements could cause XRP to break out of its current price range. XRP community member WrathofKahneman recently noted that XRP has seen increased utility and will roll out more use cases in 2023.

Market participants are also anticipating a conclusion to the SEC's case against Ripple to be released this quarter. A favourable ruling in the SEC's case against Ripple could potentially cause the price of XRP to increase as it receives regulatory clarity.

In addition to the trend of large XRP holders increasing their holdings, traders are also continuing to short XRP, and a significant long/short ratio is on the verge of being crossed. This indicates growing confidence among long-term investors and potential for an XRP upswing.

Overall, the combination of bullish on-chain metrics, anticipation of ecosystem announcements, and a potential favourable ruling in the SEC's case against Ripple could contribute to an increase in the price of XRP. It is worth noting, however, that the cryptocurrency market is highly unpredictable and it is important to approach any investment with caution and conduct thorough research.