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For the past few months, it has been evident that Ripple’s XRP has not experienced any major movement or price surge, unlike other cryptocurrencies such as Bitcoin (BTC), Ethereum (ETH), Solana (SOL), and Cardano, which have significantly surged. Recently, on December 31, 2023, it was observed that there was one of the highest numbers of transactions executed on the XRPL, grabbing everyone’s attention. A record 6.8 million XRP transactions in a single day 
This transaction not only set a new record but also broke the previous record of 5 million transactions in a day, hitting an all-time high of6.8 million transactions. However, the effect of this massive transaction hasn’t been reflected in the price of XRP. XRP holders are anxiously awaiting its price movement amid the potential approval of a spot Bitcoin ETF (Exchange Traded Fund), while XRP continues to consolidate in a tight range between $0.57 and $0.71. Source: IntoTheBlock 
Currently, XRP is trading near $0.61, and in the last 24 hours, it experienced a small 1.5% downside momentum. If we consider XRP over a longer period, the last 7 days saw a downside momentum of over 3%. However, over the last 30 days, XRP has shown minimal price movement, with only a 0.42% positive momentum.
Also Read: <a href="https://news.todayq.com/ripples-bold-prediction-for-a-5-trillion-cbdc-revolution/" rel="noopener noreferrer nofollow">Ripple’s bold prediction for a $5 trillion CBDC revolution</a>
Additionally, when reviewing the consolidation, technical analysis experts highlight that during this phase, XRP is forming an ascending triangle pattern—a bullish price action pattern. The current narrow zone suggests the potential for bullish momentum in the short term. Furthermore, trading above its 200 EMA (Exponential Moving Average) reinforces the notion that XRP is in a bull run. 1 Billion XRP unlock by Ripple 
However, on January 1, 2024, Ripple, a major crypto player, executed a planned move byreleasing 1 billion XRP to stabilize the market. This controlled monthly distribution of 55 billion XRP over 42 months aims to prevent market volatility. The recent release included 100 million XRP ($61.14 million), 400 million XRP ($244.57 million), and 500 million XRP ($305.71 million). It reaches a detailed savings plan to ensure a steady and balanced supply of XRP. 
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XRPL transactions hit all-time highs, Will it pump XRP?

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Další články publikované 1. 1. 2024

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