One important bit of fundamental analysis that was overlooked in this article is that the founder allocation of 20% of the supply is now fully distributed. That means there has been a huge amount of inflation in the available supply over the past 6 months because a large percentage of the acknowledged available supply was released from legal entanglements, into the wild.
That distribution of Uncle Jed's founder tokens happened in conjunction with the May run-up in price. It was triggered by the April run-up which coincided with:
- legal deadlines restricting the founder supply, and
- trillions of dollars in on-network (nominal valuation) trade in one pair of Ripple network tokens: FCK/YOU
I wrote a popular piece outlining the curious phenomenon:
https://steemit.com/ripple/@olyup/fck-you-money-the-rise-and-fall-of-xrp
