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Ripple Reports Surge in XRP Trading And XRPL Network Activity

Published

2 months ago

May 18, 2024

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Ripple has released its first-quarter report for this year, highlighting substantial network activity for its XRP token and the XRP Ledger (XRPL).

These growth metrics coincide with substantial progress in Ripple’s ongoing legal battle with the US Securities and Exchange Commission (SEC).

XRP And XRPL Wins Big in the First Quarter

XRP’s daily spot trading activities surged 40% to approximately $865 million during the reporting period. The firm noted that XRP volume across exchanges remained fairly constant, with Binance, Bybit, and Upbit responsible for over 70% of the total traded volume.

Crypto traders’ speculative interest in XRP remained high in the first quarter, hitting a daily average of $500 million. Ripple stated that the high spot and open interest volume highly correlated with general market activity, pointing towards robust XRP trading and activity across venues.

Furthermore, transactions on XRPL doubled in Q1 2024 from the previous quarter. The number of transactions soared from around 121 million in Q4 2023 to over 251 million by the end of Q1 2024. Notably, this transaction surge coincided with a significant decrease in average transaction fees, which fell about 45% to $0.000856 by the end of March.

“Average transaction fee reached a high in December due to widespread testing of inscriptions on the XRPL. As such, the decrease in average cost per transaction indicated a reset and that no network congestion occurred in the quarter,” Ripple explained.

Ripple XRPL On-chain activity — Ripple XRPL On-chain Activity. Source: Ripple

Moreover, XRPL underwent significant technical upgrades in the first quarter. During the period, XLS-30—a non-custodial automated market maker (AMM)—was introduced to enhance on-chain liquidity and trading capabilities for DeFi developers and users.

“More XRPL traction – I’m particularly excited that the native AMM, arguably one of the largest updates to the XRP Ledger, went live in Q1,” Ripple CEO Brad Garlinghouse said.

Furthermore, XRPL integrated with other platforms like Axelar. This integration expanded XRPL’s capabilities, allowing developers to easily interact with smart contracts and decentralized applications across over 55 blockchains.

Despite this ecosystem growth, Ripple’s ongoing lawsuit with the SEC continues afoot. Notably, the case is nearing its conclusion, with the SEC seeking a $2 billion fine against Ripple. Ripple has countered this request, deeming it baseless and advocating for a penalty not exceeding $10 million.

“In terms of next steps, both parties will wait for the Judge to make a determination on the final remedies – likely in the coming months. Ripple remains confident that the Judge will approach the remedies phase fairly,” Ripple concluded.

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In adherence to the Trust Project guidelines, BeInCrypto is committed to unbiased, transparent reporting. This news article aims to provide accurate, timely information. However, readers are advised to verify facts independently and consult with a professional before making any decisions based on this content. Please note that our Terms and Conditions, Privacy Policy, and Disclaimers have been updated.

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Related Topics:Activity Network Reports Ripple Surge trading XRP XRPL

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Where Will Bitcoin (BTC) Price Head Amidst Liquidations?

Published

32 mins ago

July 7, 2024

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Bitcoin’s (BTC) price has barely recovered from the debacle of momentum witnessed over the last few days.

Nevertheless, the cryptocurrency appears to be under the threat of further drawdown due to not bearishness but bullishness of the investors.

Bitcoin Faces a Challenge

Bitcoin’s price fell from $62,000 to $53,300, shocking the crypto market and killing many bullish dreams. The futures market registered long liquidations amounting to $263 million in three days.

This is the second-highest liquidation in the last two weeks, with the previous high noted three months ago in April. Generally, such high liquidations tend to calm investors down and make them step back to let the market cool down.

Bitcoin Long Liquidations. Source: Coinglass

However, BTC holders do not seem to agree with this opinion. The drawdown is considered to be facing the impact of Federal Reserve Chair Jerome Powell’s bearish speech earlier this week. Thus, the investors expect a quick recovery and are prepared to profit from it.

Analyst Willy Woo highlighted this in his explanation of the difference between buying futures and buying spot. He denoted that the former results in a bearish environment and stated that this could cause further losses.

According to the Bitcoin Open Value Oscillator, about half a million long contracts are still open in the futures market. Should Bitcoin’s price fall further, these longs could be liquidated. This will result in an extended period of bearishness for BTC.

BTC Price Prediction: Validating the Pattern

Bitcoin’s price, trading at $56,961 at the time of writing, is stabilizing after nearly falling to $53,300 yesterday. The cryptocurrency has yet to fulfill the expected 17% drawdown arising from the double top formation from four months ago.

This prediction targets a drop to $50,900, which will lead to massive long liquidations, as mentioned above. Should BTC lose its support of $55,000, this would become more probable.

Bitcoin Price Analysis. Source: TradingView

On the other hand, if Bitcoin’s price manages to bounce back from $55,000 and flip $58,800 into support again, recovery could begin. This would enable a rise to $60,000 to invalidate the bearish thesis.

Disclaimer

In line with the Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to accurate, unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult with a professional before making any financial decisions. Please note that our Terms and Conditions, Privacy Policy, and Disclaimers have been updated.

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Market

LayerZero On The Rise: ZRO Bullish Momentum Points To New Highs

Published

8 hours ago

July 6, 2024

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LayerZero (ZRO) is currently experiencing strong bullish momentum, positioning itself for potential new highs in the future. This sustained upward trend indicates growing investor confidence and increased market interest in the platform’s capabilities.

As ZRO continues to gain traction, technical indicators suggest that this momentum could drive the price to unprecedented levels. Traders and investors are closely monitoring this movement, anticipating further gains and strategic opportunities as LayerZero pushes toward new market peaks.

This article delves into providing an in-depth analysis of ZRO’s current bullish momentum and its potential to reach new highs. By examining current price performance and technical indicators, this article seeks to provide strategic advice for investors looking to capitalize on ZRO’s potential growth.

ZRO was trading at around $4.15 and was up by 36.66% with a market capitalization of over $456 million and a trading volume of over $816 million as of the time of writing. There has been a 24-hour increase of 36.62% and 152.75% in ZRO’s market capitalization and trading volume respectively.

Analyzing The Current Bullish Trend Of ZRO

A technical analysis of ZRO’s price action on the 1-hour chart reveals that the crypto asset is actively bullish and trading above the 100-day Simple Moving Average (SMA). Since facing rejection at the $2.69 support level, ZRO has been consistently bullish and is currently attempting to break above the $4.28 resistance level.

The formation of the 1-hour William alligator signals that the price of ZRO may continue to extend its bullish trend as both the alligator lip and teeth are currently trending above the jaw after a successful cross above it.

On the 4-hour chart, it can be observed that ZRO is actively bullish. Although the price is attempting a short-term pullback by dropping a bearish candlestick, the crypto asset may extend its bullishness in the long run.

Additionally, the 4-hour William alligator indicates more bearishness for ZRO as both the alligator lip and teeth are actively trending above the jaw after moving above it.

ZRO Price Forecast

Analyzing potential future possibilities of ZRO’s price movement reveals that if the digital asset breaks above the $4.28 resistance level, it may move higher to challenge its all-time high of $5.62. If this level is breached, ZRO might move on to create a new all-time high.

However, if the price of ZRO experiences rejection at the $4.28 resistance level, it will begin to descend toward the $3.27 support level. Should the asset breach this level, it may continue to decline to test the $2.69 support level and possibly move on to test other higher levels if it breaches the $2.69 level.

ZRO

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Market

This Is How Ripple (XRP) Price Recovery Will Take Place

Published

10 hours ago

July 6, 2024

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Ripple (XRP) price momentum has turned bearish, and its potential for recovery has also cooled down.

One of the biggest reasons is the lack of activity among XRP holders, rendering their optimism useless.

Ripple Investors Try but Not Too Hard

XRP price is bound to be impacted by both the attempt and lack of participation noted among the investors. The presence of XRP holders remains weak, affecting the potential for recovery.

The low level of engagement is evident, with active addresses averaging under 20,000 on a daily basis. This lack of activity suggests a decrease in short-term trading and concern about bearing losses.

However, despite the weak participation, conviction among XRP holders remains strong. This is reflected in the Mean Coin Age (MCA), which has noted an uptick. The increasing MCA indicates that investors are holding onto their XRP for longer periods, showing faith in the asset’s future potential.

The rise in MCA also suggests that investors are refraining from moving their holdings around. By holding their assets rather than engaging in frequent transactions, they demonstrate a long-term belief in XRP. This behavior is often indicative of confidence in the cryptocurrency’s eventual recovery.

While the current low level of daily active addresses is a concern, the strong conviction shown by the uptick in MCA provides a silver lining. If this trend continues, it could help stabilize XRP’s price and support a potential recovery, as long-term holders typically contribute to market stability.

XRP Price Prediction: Tall Hike Ahead

The XRP price is trading at $0.43, recovering from the lows of $0.41 over the last 24 hours. Based on the aforementioned cues, consolidation is likely under $0.46. A breach, however, could help recover the recent losses.

XRP Price Analysis. Source: Tradi n gView

But if the bearish cues continue to dominate the altcoin, the XRP price could lose the critical support of $0.41 again. This would invalidate the bullish-neutral thesis, resulting in further drawdown.

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