Insights on the XRP Ledger provide a bullish outlook. Price movement charts quickly dashed these expectations.
Ripple (XRP) was still in the consolidation phase. Although the price stuck to the $0.52 support level, the whale activity did not push prices higher.
The news that Whale withdrew 52 million XRP worth $28.67 million from Bybit did not help sentiment or spark any bullish momentum.
In other news, Elon Musk, CEO and founder of Tesla and SpaceX and owner of X (formerly Twitter), was asked about the adoption of XRP by financial institutions.
XRP Ledger showed promising statistics
Source: XRP/USDT on TradingView
The daily XRP price chart was not bullish. The market structure is very bearish, and the sharp price decline in early October left a large imbalance in the north.
Therefore, we expect XRP to next rebound towards local highs between $0.62 and $0.66, which will see significant selling pressure.
In a post on CryptoQuant, Wenli Soul, marketing manager at Catalyze Research, pointed out that the XRP Ledger’s daily transaction volume is comparable to layer 1 networks.
This is based on activity from September 15th to October 15th.
According to the decentralized exchange activity indicator, the number of transactions decreased by 6.83% from 6.88 million to 6.41 million. Still, DEX trading volume increased by 17.64% to $4.6 million.
We have seen significant growth in automated market maker (AMM) liquidity provision.
The purpose of AMMDeposit is to deposit funds into an existing AMM instance, while AMMCreate is used to create a new instance for trading asset pairs.
The strong rise in AMMDeposit and AMMCreate reflects an increase in liquid deposits, indicating increased confidence.
Network growth exceeds 3-month high
Source: Santiment
Read Ripple (XRP) Price Prediction 2024-25
The number of transactions was on the rise from October 7th to October 20th, but has started to plateau. The network’s rapid growth is particularly encouraging as it could stimulate demand.
This could help the token bulls protect the key support level at $0.52. However, based on the price trend, it may need to clear out the $0.508 zone before rallying towards $0.62.
Next: Celestia targets $6.9 as market confidence grows: What’s next for TIA?
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