Ripple transaction count exceeds 1.38 million, XRP price likely to extend gains


  • XRP transaction count crossed the 1.38 million mark for the first time since August 18. 
  • The SEC’s trials and tribulations on the Ripple lawsuit are relevant as XRP community expects a settlement of the case. 
  • XRP price consolidated below the $0.6400 level, as the altcoin eyes come back to $0.7500. 

Ripple (XRP) remains a talking point among retail market participants that expect a settlement in the US Securities and Exchange Commission’s (SEC) lawsuit against the cross-border payment remittance firm. Amidst talks of settlement, there is a notable spike in the XRP transaction count.

XRP price traded sideways below $0.6400 throughout December, analysts predict a recovery in the altcoin. 

Also read: Crypto exchanges serving Indian residents to comply with Anti-Money Laundering guidelines: Indian Parliament

Daily Digest Market Movers: XRP holders await settlement in SEC v. Ripple lawsuit, transaction activity in Ripple rises

  • XRP holders are awaiting a settlement in the SEC’s lawsuit against Ripple, anticipation brews in the ecosystem. The closed doors meeting between the US SEC and Ripple on November 30, fueled hopes of a settlement talk between the two parties. Therefore, despite Ripple’s partial victory in the lawsuit, the SEC case continues to influence XRP holders’ outlook on the altcoin. 
  • The transaction activity in XRP is on a rise since mid-August 2023, it crossed the 1.38 million mark for the first time in three months, according to data from XRPscan. 

XRP transactions

Number of XRP transactions executed Source: XRPscan.com

  • Brad Garlinghouse, Ripple CEO, shared his views on the SEC vs. Ripple lawsuit, with CoinDesk. Garlinghouse believes that if Ripple had failed to achieve a partial victory in the lawsuit and if the case against the executives had not been dismissed, the SEC would pursue litigation against other crypto projects aggressively. 
  • A possibility for settlement remains as XRP holders look forward to hearing dates scheduled by Judge Analisa Torres for 2024. 

Technical Analysis: XRP price comeback to $0.75 remains likely

XRP price has been trending below the $0.6500 mark since the beginning of December 2023. XRP’s uptrend remains intact and the altcoin is likely to attempt a comeback to the $0.7500 level, previously seen on November 13. 

XRP price is nearly 17% away from the target. The altcoin has support of the 10-day Exponential Moving Average (EMA) at $0.6209. In its rally towards the $0.7500 target, XRP price could face resistance at the 50% retracement level ($0.6820) of the decline from its July 13 local top of $0.9403 to the August 17 bottom of $0.4237. 

XRP

XRP/USDT 1-day chart 

In the event of a decline, XRP price could find support at the 50-day EMA at $0.6014. A daily candlestick close below the 50-day EMA could invalidate the bullish thesis for XRP price.

Cryptocurrency metrics FAQs

What is circulating supply?

The developer or creator of each cryptocurrency decides on the total number of tokens that can be minted or issued. Only a certain number of these assets can be minted by mining, staking or other mechanisms. This is defined by the algorithm of the underlying blockchain technology. Since its inception, a total of 19,445,656 BTCs have been mined, which is the circulating supply of Bitcoin. On the other hand, circulating supply can also be decreased via actions such as burning tokens, or mistakenly sending assets to addresses of other incompatible blockchains.

What is market capitalization?

Market capitalization is the result of multiplying the circulating supply of a certain asset by the asset’s current market value. For Bitcoin, the market capitalization at the beginning of August 2023 is above $570 billion, which is the result of the more than 19 million BTC in circulation multiplied by the Bitcoin price around $29,600.

What is trading volume?

Trading volume refers to the total number of tokens for a specific asset that has been transacted or exchanged between buyers and sellers within set trading hours, for example, 24 hours. It is used to gauge market sentiment, this metric combines all volumes on centralized exchanges and decentralized exchanges. Increasing trading volume often denotes the demand for a certain asset as more people are buying and selling the cryptocurrency.

What is funding rate?

Funding rates are a concept designed to encourage traders to take positions and ensure perpetual contract prices match spot markets. It defines a mechanism by exchanges to ensure that future prices and index prices periodic payments regularly converge. When the funding rate is positive, the price of the perpetual contract is higher than the mark price. This means traders who are bullish and have opened long positions pay traders who are in short positions. On the other hand, a negative funding rate means perpetual prices are below the mark price, and hence traders with short positions pay traders who have opened long positions.


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

XRP struggles to make comeback above $0.50 as Ripple CEO will face trial

XRP struggles to make comeback above $0.50 as Ripple CEO will face trial

XRP remains range-bound under the $0.50 resistance on Friday after news that Ripple CEO Brad Garlinghouse will have to face a trial in California regarding some statements he made in 2017. 

More Ripple News

Bitcoin Weekly Forecast: Is BTC out of the woods?

Bitcoin Weekly Forecast: Is BTC out of the woods?

Bitcoin appears poised for a slight decline this week, influenced by factors such as the German Government's deposit of over 1,700 BTC in exchanges, decreasing outflows in US spot ETFs, and on-chain data indicating no signs of BTC DeFi liquidation.

More Bitcoin News

1Inch looks poised for downward correction

1Inch looks poised for downward correction

1inch price moves lower by 3% on Friday after being rejected by the 200-day Exponential Moving Average on Thursday. On-chain data shows a decline in Development Activity, signaling negative sentiment among 1INCH investors. 

More Cryptocurrencies News

LayerZero ZRO token tumbles 24% in 24 hours, hit by airdrop-related controversy

LayerZero ZRO token tumbles 24% in 24 hours, hit by airdrop-related controversy

LayerZero’s ZRO token airdrop went live on Thursday, with a claiming mechanism called Proof of Donation. The team requires 10 cents in USDC, USDT or Ether per ZRO token with the aim to weed out manipulative Sybil entities. 

More Cryptocurrencies News

Bitcoin: Is BTC out of the woods?

Bitcoin: Is BTC out of the woods?

Bitcoin (BTC) appears poised for a slight decline this week, influenced by factors such as the German Government's deposit of over 1,700 BTC in exchanges, decreasing outflows in US spot ETFs, and on-chain data indicating no signs of BTC DeFi liquidation. Technical indicators suggest BTC might experience a 3% correction in the near term before continuing its upward trajectory.

Read full analysis

BTC

ETH

XRP