- 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 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.
Recommended Content
Editors’ Picks
Bitcoin holds $84,000 despite Fed’s hawkish remarks and spot ETFs outflows
Bitcoin is stabilizing around $84,000 at the time of writing on Thursday after facing multiple rejections around the 200-day EMA at $85,000 since Saturday. Despite risk-off sentiment due to the hawkish remarks by the US Fed on Wednesday, BTC remains relatively stable.
Crypto market cap fell more than 18% in Q1, wiping out $633.5 billion after Trump’s inauguration top
CoinGecko’s Q1 Crypto Industry Report highlights that the total crypto market capitalization fell by 18.6% in the first quarter, wiping out $633.5 billion after topping on January 18, just a couple of days ahead of US President Donald Trump’s inauguration.
Top meme coin gainers FARTCOIN, AIDOGE, and MEW as Trump coins litmus test US SEC ethics
Cryptocurrencies have been moving in lockstep since Monday, largely reflecting sentiment across global markets as United States (US) President Donald Trump's tariffs and trade wars take on new shapes and forms each passing day.
XRP buoyant above $2 as court grants Ripple breathing space in SEC lawsuit
A US appellate court temporarily paused the SEC-Ripple case for 60 days, holding the appeal in abeyance. The SEC is expected to file a status report by June 15, signaling a potential end to the four-year legal battle.
Bitcoin Weekly Forecast: Market uncertainty lingers, Trump’s 90-day tariff pause sparks modest recovery
Bitcoin (BTC) price extends recovery to around $82,500 on Friday after dumping to a new year-to-date low of $74,508 to start the week. Market uncertainty remains high, leading to a massive shakeout, with total liquidations hitting $2.18 billion across crypto markets.
The Best brokers to trade EUR/USD
SPONSORED Discover the top brokers for trading EUR/USD in 2025. Our list features brokers with competitive spreads, fast execution, and powerful platforms. Whether you're a beginner or an expert, find the right partner to navigate the dynamic Forex market.