XRP Ledger sees big drop in transactions in 2024
- SBI-owned HashHub published reports on the status of Ripple’s enterprise blockchain business and the XRPLedger.
- XRPLedger transactions dropped to nearly a sixth of their prior value at the beginning of 2024, per research.
- XRP extends gains by nearly 4% on Monday, trades at $0.5833 at the time of writing.
Ripple (XRP) trades at $0.5833 on Monday as the altcoin extends gains and recovers from the crypto market crash in early August. The Ripple stablecoin announcement, the Securities & Exchange Commission (SEC) vs. Ripple lawsuit ruling and recent research reports published by SBI-owned HashHub are the key market movers for the altcoin this week.
Daily digest market movers: Ripple reports reveal big drop in transactions, decline in revenue collected
- SBI-owned HashHub published two research reports on the current status of Ripple’s enterprise blockchain business and the XRP Ledger economy on August 17.
- The reports outline key facts on XRP Ledger’s performance in the first two quarters of 2024.
- The total transaction count on XRP Ledger dropped to a sixth of what was observed in the beginning of 2024.
XRPLedger transactions count/day
- Accounts created and active accounts noted a decline, per HashHub data.
Accounts created and active
- The XRPLedger has 3,724 fungible tokens and 5,988,017 NFTs issued on XRPL, with a combined market capitalization of $135.63 million, issued on the chain, at the time of research. Of this, the top three tokens are:
- Sologenic (SOLO): $44.4M market cap, 228,600 holders
- CasinoCoin (CSC): $24.6M market cap, 29,300 holders
- Coreum (CORE): $12.4M market cap, 52,500 holders
Technical analysis: XRP extends gains by nearly 4%
XRP could extend gains and target the upper boundary of the Fair Value Gap (FVG) at $0.6217, a 7.14% gain for the altcoin. XRP could face resistance at the lower boundary of the FVG at $0.5970 and the psychologically important $0.60 level.
The Relative Strength Index (RSI) reads 53.07, above the neutral level.
XRP/USDT daily chart
XRP could sweep support in the FVG between $0.5188 and $0.5785.
Ripple FAQs
Ripple is a payments company that specializes in cross-border remittance. The company does this by leveraging blockchain technology. RippleNet is a network used for payments transfer created by Ripple Labs Inc. and is open to financial institutions worldwide. The company also leverages the XRP token.
XRP is the native token of the decentralized blockchain XRPLedger. The token is used by Ripple Labs to facilitate transactions on the XRPLedger, helping financial institutions transfer value in a borderless manner. XRP therefore facilitates trustless and instant payments on the XRPLedger chain, helping financial firms save on the cost of transacting worldwide.
XRPLedger is based on a distributed ledger technology and the blockchain using XRP to power transactions. The ledger is different from other blockchains as it has a built-in inflammatory protocol that helps fight spam and distributed denial-of-service (DDOS) attacks. The XRPL is maintained by a peer-to-peer network known as the global XRP Ledger community.
XRP uses the interledger standard. This is a blockchain protocol that aids payments across different networks. For instance, XRP’s blockchain can connect the ledgers of two or more banks. This effectively removes intermediaries and the need for centralization in the system. XRP acts as the native token of the XRPLedger blockchain engineered by Jed McCaleb, Arthur Britto and David Schwartz.
Author
Ekta Mourya
FXStreet
Ekta Mourya has extensive experience in fundamental and on-chain analysis, particularly focused on impact of macroeconomics and central bank policies on cryptocurrencies.
