• XRP Ledger noted a massive spike in daily active addresses and transactions.
  • Alongside XRP Ledger’s activity growth, native token XRP witnessed a price rally. 
  • XRP price rally gains bullish momentum from the rising activity on XRP Ledger. 

XRP Ledger, Ripple’s decentralized blockchain, noted an increase in activity over the past quarter. The quarter-on-quarter (QoQ) increase in daily active addresses and daily transactions is in the double digits, indicative of growth in adoption and utility. 

The growth in XRPL’s utility has fueled a bullish thesis for native token XRP. 

Also read: Bitcoin and Ethereum struggle with declining price volatility as options traders turn bearish

XRP Ledger notes spike in activity, bullish for XRP token

Based on data from crypto intelligence tracker Messari’s latest report on XRP Ledger’s QoQ growth, there is a notable increase in daily active addresses and transactions. While daily active addresses on the XRPL blockchain climbed 13.9%, there was a 10.7% QoQ increase in transactions on the ledger. 

Interestingly, rising activity on the XRP Ledger acted as a bullish catalyst for native token XRP, driving the altcoin’s meteoric rise from $0.35 to $0.54. XRP’s growth outpaced competitors with large market capitalizations in Q1. 

While the fate of XRP community holders hangs in the balance as they await the outcome of the US Securities & Exchange Commission’s (SEC) lawsuit against Ripple, the altcoin has yielded nearly a 10% gain over the past ten days. 

XRP price analysis 

XRP price is currently in an upward trend. The Fibonacci retracement of the XRP price decline from the March 2022 top of $0.91 to the June 2022 bottom of $0.28 marks the key resistance and support levels for XRP price. 

In its climb toward the April 2023 peak of $0.58, XRP price faces immediate resistance at the 38.2% Fibonacci retracement at $0.52 and $0.53, a level that has acted as resistance for the past 12 months. 

XRP/USD one-day price chart

XRP/USD 1-day price chart

A decline below the three long-term Exponential Moving Averages – the 10-day at $0.44, 50-day at $0.45 and 200-day at $0.43 – could invalidate the bullish thesis for XRP. The downside target is the support at $0.44, a level that fortified XRP price action throughout April and May. 

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.

Join Telegram

Recommended content

Recommended Content

Editors’ Picks

Three reasons why Chainlink could rally

Three reasons why Chainlink could rally

Chainlink has noted accumulation by large wallet investors for the past two weeks. Nearly $110 million in LINK has been withdrawn from exchanges in this time period. LINK sustained above $13 on Sunday, extending gains by nearly 1%. 

More Chainlink News

Ripple holds on to double-digit gains, highest in top 20 cryptocurrencies

Ripple holds on to double-digit gains, highest in top 20 cryptocurrencies

Ripple rallied over 19% in the past seven days per CoinGecko data. The altcoin broke past resistance at $0.50 on the one-year anniversary of Judge Analisa Torres’ XRP ruling. 

More Ripple News

Bitcoin breaks $60,000 as market anticipates re-election of pro-crypto former President Trump

Bitcoin breaks $60,000 as market anticipates re-election of pro-crypto former President Trump

Bitcoin extended gains post the shooting at the rally of US Presidential candidate Donald Trump. The former President is a pro-crypto candidate, and a report by Fortune shows that Trump’s chances of winning the race increased after the Saturday events.

More Bitcoin News

Ethereum ETF launch could push Ether to new all-time high, on one condition

Ethereum ETF launch could push Ether to new all-time high, on one condition

Ethereum (ETH) traders are watching two key events closely: the anticipated approval of the Spot Ether ETF and the activities of whales, the large wallet investors holding ETH. An analyst has predicted that the odds of Spot Ether ETF is 72.7% this week. 

More Ethereum News

Bitcoin: Investors wonder if BTC troubles are behind

Bitcoin: Investors wonder if BTC troubles are behind

Bitcoin (BTC) stabilized around the $57,000 mark this week, while the German Government persists in transferring Bitcoin to exchanges. Concurrently, US spot Bitcoin ETFs have recorded inflows. On-chain analytics indicate that whales are accumulating BTC during dips, potentially foreshadowing an imminent rally in the days ahead.


Read full analysis