CandleFocus XRP Ledger shows signs of increasing usage, suggesting XRP price increase
2024-12-28
Author: Content Editor
CryptoQuant community analyst Maartunn has shared data indicating that the velocity of the XRP Ledger (XRPL) has been increasing in recent weeks, signaling growing utility within the network. Velocity, calculated by dividing a crypto market cap by its transaction volume, represents frequent network usage and could be an early indication of an impending price surge for XRP. The XRPL's velocity is approaching a resistance in a descending trendline, suggesting potential price growth. Despite the increase in velocity, the total deposited in the XRPL has been falling, representing a nearly 20% slump. However, the launch of Ripple's stablecoin, Ripple USD (RLUSD), and the potential for traditional companies to tokenize real-world assets on the XRPL could drive further growth and boost usage.
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