Ripple (XRP) Surpasses Ethereum and Bitcoin in Daily Transactions – Is the Price About to Explode to $2?
The XRPL network has maintained an average of 1.1 million in daily XRP transactions since the beginning of August.
XRP price has, however, continued to drop and is currently retesting a crucial support/resistance level of around 58 cents.
The XRPL (XRP) network has become a beehive of activity in the recent past following the historical ruling that deemed the digital asset, not a security sold through crypto exchanges. According to the latest market aggregate data, XRP’s daily transactions have outpaced the second-largest blockchain network, Ethereum, for the past three weeks.
Notably, XRP has averaged about 1.2 million daily transactions in the past three weeks whilst the Ethereum network, which is a DeFi powerhouse, has been averaging about 1 million daily transactions during the same period.
The notable spike in XRP daily transactions is a direct indication of heightened demand by both retail and institutional investors. Meanwhile, the high demand faces short-term upheavals amid reports of SEC appeal on the recent ruling. Essentially, the SEC wants XRP to be regulated under securities law despite the lack of proper directions from the US Congress.
XRP Price Analysis
XRP price has been trapped in a daily and weekly correction since last month’s breakout following the historical ruling on SEC vs Ripple lawsuit. Most crypto analysts expect the digital asset to find a strong support zone between 54 cents and 58 cents in the coming weeks before deciding on the next cause of action. According to a renowned digital assets analyst Crypto Tony, XRP price could oscillate around the 58 cents level before rebounding toward a new high for this year.
If #XRP can dance around the support zone at 0.56c, Deviate and stay around and form an accumulation range, this will be very bullish. Keeping my alert set at the support zones below us so i continue to keep an eye pic.twitter.com/SgF0wbgKWN
— Crypto Tony (@CryptoTony__) August 17, 2023
On the macro outlook, XRP price has been trading inside a symmetrical triangle since it hit its ATH around $3.4 back in January 2018. Having not revisited its prior ATH during the 2021 crypto bull market due to the effects of the SEC vs Ripple case, experts say XRP price could easily rally beyond $5 during the next major rally.
Fundamental Support
The XRP price is undeniably well bolstered by the high-profile partnerships that Ripple has nicked in the past few years and also the strategic acquisitions. Although Ripple has changed its way of reporting the XRP market outlook after the SEC used the quarterly reports against the firm in court, the blockchain payment giant had previously noted that XRP’s On-Demand Liquidity (ODL) is used in over 40 global payouts.
Some of the notable payouts include emerging markets like Africa where more than 38 million people are believed to be using digital assets frequently.
Meanwhile, the XRP market is well bolstered by a growing developer community on the XRPL seeking to build scalable and carbon footprint-free DeFi platforms. Moreover, Ripple seeks to be carbon emissions-free by 2028 through a $100 million investment in the industry. As a result, XRP and XRPL are heavily adopted by institutional investors and governments seeking to build scalable and secure stablecoins and CBDCs respectively.
Filed under: Bitcoin - @ August 18, 2023 7:12 am