• Ripple has published the quarterly XRP Markets Report showing a massive 300% increase in sales.
  • It seems that the price of XRP hasn’t reacted to the news just yet.

The newest quarterly report shows many statistics in favor of XRP during Q3 2020 compared to the last quarter. The reported daily volume has increased from an average of $196.28 million daily in Q2 to $403.58 million in Q3.

xrp price

The report also states that XRP is used as a bridge currency instead of BTC or ETH. The chart above shows transfers of $10,000 or above equivalent in BTC, ETH, and XRP from Binance to Coinbase, indicating that XRP is mostly used to withdraw as it is faster. 

XRP is extremely energy efficient by design, with transactions settling without the enormous energy costs associated with proof-of-work mining required by other blockchain based transactions. In fact, for every 1 million transactions, BTC uses power equivalent to 4.51 billion lightbulb hours compared to XRP, which uses power equivalent to 79,000 lightbulb hours. This means that the energy consumption of XRP is 57,000x more efficient than BTC.

Ripple has also partnered with various leading technology and conservation organizations like Energy Web Foundation, or the XRPL Foundation. It seems that a spike in buying pressure for XRP could easily boost its price thanks to strong fundamentals.

Can XRP finally get its breakout to $0.30?

The price of XRP is $0.2457, currently fighting to stay above the 50-SMA resistance level at $0.244 on the daily chart. A breakout above this point can easily drive the XRP’s price towards $0.257, which is the upper boundary of an old ascending triangle pattern. Perhaps, the recent positive metrics reported by Ripple can help the digital asset get that small boost to convert the 50-SMA into a support level.

xrp price

XRP/USD daily chart

On the other hand, another rejection from $0.244 can quickly make XRP’s price drop towards the 200-SMA at $0.2291 and eventually towards the bearish price target of $0.212 after the breakdown of the ascending triangle on October 28.


Note: All information on this page is subject to change. The use of this website constitutes acceptance of our user agreement. Please read our privacy policy and legal disclaimer. Opinions expressed at FXstreet.com are those of the individual authors and do not necessarily represent the opinion of FXstreet.com or its management. Risk Disclosure: Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.

Recommended content


Recommended Content

Editors’ Picks

Top 3 Price Prediction Bitcoin, Ethereum, Ripple: BTC declines as resistance emerges near all-time high

Top 3 Price Prediction Bitcoin, Ethereum, Ripple: BTC declines as resistance emerges near all-time high

Bitcoin and Ethereum are approaching their key support levels, and a sustained close below these marks could lead to further declines. 

More Cryptocurrencies News
TON set to launch synthetic Bitcoin to boost its DeFi solutions

TON set to launch synthetic Bitcoin to boost its DeFi solutions

TON revealed its plan on Thursday to launch a synthetic Bitcoin token on its blockchain, allowing users to trade, stake, and earn yield using BTC. Following the announcement, TON is down over 3%.

More Ton News
Maker Price Forecast: MKR could stage 40% rally

Maker Price Forecast: MKR could stage 40% rally

MakerDAO is up 2% on Thursday and could be set for a 40% rise in the coming weeks if it successfully maintains an extended move above the descending trendline of a falling wedge. On-chain data also supports the bullish outlook after a four-month-long decline.

More MakerDAO News
USDT market cap crosses $120 billion as stablecoins continue their uptrend

USDT market cap crosses $120 billion as stablecoins continue their uptrend

The stablecoin market cap continued its uptrend in October, characterized by USDT reaching a $120 billion market cap, according to a CCData report on Thursday. This indicates that investors are preparing liquidity to fuel more demand.

More USDT News
Bitcoin: New all-time high at $78,900 looks feasible

Bitcoin: New all-time high at $78,900 looks feasible

Bitcoin price declines over 2% this week, but the bounce from a key technical level on the weekly chart signals chances of hitting a new all-time high in the short term. US spot Bitcoin ETFs posted $596 million in inflows until Thursday despite the increased profit-taking activity.

Read full analysis
Best Forex Brokers with Low Spreads

Best Forex Brokers with Low Spreads

VERIFIED Low spreads are crucial for reducing trading costs. Explore top Forex brokers offering competitive spreads and high leverage. Compare options for EUR/USD, GBP/USD, USD/JPY, and Gold.

Read More

BTC

ETH

XRP