XRP's Price Rose for Two Consecutive Weeks as Investors Cheered the End of the Ripple vs SEC Case.

The XRP price had a strong performance last week after the SEC ended its lawsuit against Ripple Labs. While this was an important event, the coin did not form a God candle because most investors and analysts were expecting it to happen.

Investors are focusing on the Count of XRP Transactions, which is used to gauge the level of activity in the XRP Ledger.

According to crypto analytics firm Santiment, the number of XRP transactions plummeted to their lowest point since March 1 on Sunday.

After the SEC case against Ripple Labs came to an end, the volume of transactions in XRP experienced a surge, reaching a peak of 1.83 million on March 19. However, in Sunday's trade, the token's transaction volume fell to 812.

Additionally, the analysis revealed a decline in the total count of XRP whales. The metric, which measures the number of addresses holding at least $100,000 in XRP, dropped to 92 on Monday from a high of 720 on March 19.

Meanwhile, the Mean Dollar Invested Age (MDIA) indicator has been steadily decreasing over the past few months.

The 365-day MDIA indicator stands at 515, compared to October's high of 2,000. Similarly, the 180-day MDIA indicator has decreased to 408 from October's peak of 2,253.

The MDIA is a measure of the age of all coins, taking into account their purchase price. A decreasing MDIA suggests that holders of older coins are selling their tokens.

Next Key Catalyst For XRP

After reaching a low of $1.9635 on March 10, which was the highest level since April 2021, the price of XRP rebounded sharply. The rapid move saw Ripple's price surge to a high of $2.5873 on March 17, propelling its market cap to $140 billion.

At the time of writing, XRP is trading at $2.1067 and has increased by over 35% from its lowest level this month.

Looking ahead, the next key catalyst for XRP's price will be the potential approval of an XRP ETF by the Securities and Exchange Commission (SEC).

The crypto exchange-traded fund (ETF) is a financial instrument that allows investors to gain exposure to cryptocurrency in a diversified manner through a single ETF.

On Polymarket, the odds of the first crypto ETF approval are at 87%, marking the highest point yet.

Earlier this month, the SEC faced a setback in its case against crypto exchange FTX. A judge ruled that the agency did not adequately explain why it denied an application from investment firm WisdomTree to launch a bitcoin ETF in 2015.

Announcing Case Dismissal

The SEC announced on Monday that it was dropping its lawsuit against Ripple Labs. The case, which began in December 2020, focused on whether or not Ripple's programmatic token sales of XRP violated federal securities laws.

The agency had also sued several other crypto firms, including BlockFi, Coinbase (NASDAQ:COIN) and Kraken, for allegedly selling unregistered securities.

However, the agency has since dropped its cases against several other crypto firms, including Paxos, which issued Binance's BUSD stablecoin.

Despite the lawsuit's termination, the SEC may still pursue similar cases against other crypto firms in the future.