On March 19, the United States Securities and Exchange Commission (SEC) officially concluded its four-year legal battle with Ripple Lab Inc., a prominent blockchain technology company known for developing the XRP Ledger and the associated cryptocurrency, XRP. The resolution of this protracted lawsuit sent ripples through the crypto markets, leading to a notable increase in activity on the XRP network. On the very same day, the number of active addresses involved in trading XRP surged dramatically, reaching a year-to-date peak, which indicated a renewed level of investor attention.

This burst of enthusiasm, however, was short-lived. Subsequent on-chain data showed a consistent decrease in the number of active wallets following the announcement.

Ripple disclosed on March 19 that the SEC had terminated its four-year-old litigation against the firm, resulting in an immediate rise in the demand for the altcoin. This was clearly illustrated by the elevated number of active addresses recorded on that date. According to Glassnode, this figure peaked at 626,854, marking the highest point of the year. Yet, as the initial euphoria surrounding the lawsuit's conclusion faded, so too did the demand for XRP. By March 23, the count of active addresses had dropped sharply to 54,704, the lowest point within the last 30 days, pointing to a significant reduction in buying interest in the market.

A decline in an asset's active address count typically signifies diminished transaction volume and lessened buying motivation. From a technical analysis perspective, this serves as a bearish indicator, suggesting a reduction in market liquidity, weak investor engagement, and a potential decrease in the practical use cases for XRP.

Moreover, on the price chart, XRP continues to trade beneath its Super Trend Indicator, which points to persistent downward pressure in the market. At the time of writing, this momentum indicator acts as a dynamic resistance level just above the altcoin's current price of $2.84.

The Super Trend indicator evaluates both the direction and intensity of an asset's price movement. It appears as a line overlaying the price chart, altering colors to denote the prevailing trend—green for upward trends and red for downward trends.

When an asset's price falls below this indicator, it indicates a bearish market trend. Traders often interpret this scenario as a sell signal or a caution to close long positions and consider shorting the asset.

At press time, XRP is trading at $2.46, maintaining a position above the long-term support established at $2.13. Should selling pressure escalate, the token may attempt to retest this support level.

Conversely, should buying activity intensify, the altcoin might try to surpass the resistance at $2.61. A successful breakout above this level could propel XRP towards its Super Trend indicator at $2.84.

Meanwhile, if the selling pressure persists and XRP fails to sustain its current support at $2.13, the price might drop further to $2, where another robust support level exists.

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