Three Important Things to Watch This Week
TL;DR
- XRP’s On-Chain Metric Increase: XRP has seen a record number of transactions recently, and the average number of transactions per ledger has also reached new highs.
- Growth in XRP wallets: The number of XRP wallets has increased significantly, indicating a larger user base and potentially increasing investor confidence.
- XRP Prices Stable Amid Market optimism: The price of XRP has remained stable and is hovering between $0.60 and $0.65. The overall bullish trend in the crypto market, especially with Bitcoin’s recent rise, could impact future price movements of XRP.
Is ripple‘s native token XRP on the verge of a price rise? This question has piqued the interest of many industry participants, given the parent company’s developments over the past year, more specifically its success in its lawsuit against the US SEC.
On-chain metrics are important for measuring XRP’s future price volatility. According to incoming data According to xrpscan, the number of XRP transactions executed reached an all-time high, reaching almost 7 million on December 31 and 6.9 million the next day.
XRP Transactions, Source: xrpscan
The average number of transactions per ledger has also reached unprecedented levels, remaining above 300 in the last three days.
The increase in trading volume indicates increased interest in XRP and network usage, which could be perceived positively by investors and potentially trigger a price increase.
XRP Is Close to a Huge Inflection Point
Another factor is the rapid increase in the number of XRP wallets, which has reached almost 5 million. On the other hand, at the beginning of last year, this figure was around 4 million.
XRP Wallets, Source: rich-list.info
This development overall points to a growing user base and increased adoption of XRP; This can create excitement and confidence among investors, positively affecting their sentiment.
BTC ETF Prospects
XRP has not experienced significant price fluctuation over the past few weeks and has consolidated between $0.60 and $0.65. Cryptocurrencies are often volatile, and prolonged consolidation is often a harbinger of a more significant move and an indicator of incoming price movements in any direction.
However, given the cryptocurrency market’s bullish sentiment triggered by the possible approval of a spot Bitcoin ETF in the US, the odds may favor a price increase rather than a correction.
Remember BTC exceeded Earlier today (January 2), it reached the $45,000 level for the first time since April 2022, while the capitalization of the global crypto market reached $1.85 trillion (according to CoinGecko data).
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