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These Bullish Factors Prove XRP Price Rally Is Not Over Yet
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These Bullish Factors Prove XRP Price Rally Is Not Over Yet

Scott Matherson
Scott Matherson
1 year ago
3 mins read
XRP price rally

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The XRP price has retraced a good portion of its gains following its surge above $0.54 last week. Naturally, this could signal that the end is in sight for an XRP rally but this is not necessarily the case when you look at the altcoin’s metrics and performance even amid its price decline.

XRP Daily Transaction Count Remains Above 1 Million

The XRP daily transaction count first skyrocketed above 1 million back in July when Judge Analisa Torres ruled that programmatic XRP sales did not constitute investment contracts. The XRP price had rallied more than 60% as a result of this and daily transaction counts shot up as well.

By the time August rolled around, XRP’s daily transaction counts had surpassed that of Bitcoin and Ethereum, and the network has not slowed down since. Looking at data from BitInfoCharts, XRP is still maintaining its more than 1 million transactions per day numbers.

XRP daily transactions

Daily transaction count remains above 1 million | Source: BitInfoCharts

Since the start of October, the altcoin’s daily transaction figures have also come out consistently above that of Bitcoin and Ethereum, showing that interest in the network has not diminished.

XRP Ledger Crosses 83 Million Blocks

As transaction counts have been on the high side, block production on the XRP Ledger also shows active participation from users. Late last week, the blockchain marked its 83 millionth block.

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39-Month Cycle Says XRP Price Is Poised For Breakout To $1,000, Here’s When

1 year ago

This was confirmed by the XRPScan account on X (formerly Twitter), coming less than two months after the Ledger marked its 82 millionth block.

XRP Ledger successfully closed 83 millionth ledger a few moments ago: https://t.co/USQVIHBcmY https://t.co/HwDv3m2nHb pic.twitter.com/wuwTZBMtGx

— XRPScan (@xrpscan) October 5, 2023

The rapid rise in usage is shown by the over 46,000 payments already made in the current block at the time of writing. Additionally, there have been 392,000 transactions and rising, with an average Transaction Per Second (TPS) of 20 TPS.

XRP price chart from Tradingview.com

XRP sees rocky start to the new week | Source: XRPUSD on Tradingview.com

Daily Trading Volume Jumps 56%

Another major factor that could point to the XRP price rally not being over is the jump in daily trade volume. Between Sunday and Monday, the XRP daily trading volume rose more than 56% to reach approximately $480 million. This follows a jump above $500 million previously before the cool-down.

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Crypto Analyst Presents Data To Prove That XRP Is Deflationary

1 year ago

Just like other factors listed above, the jump in trading volume suggests rising interest. Given that the XRP price has not been in free fall, it could point to the volume being skewed more toward buying rather than selling. In such a case, a rally is more likely to ensue.

XRP Price Rally Could Continue

Despite the XRP price falling to bearish pressure over the last few days, it could quickly recover as metrics continue to flash bullish. As one crypto analyst points out, the XRP price is reaching the point in its 39-month cycle where it could bounce toward another rally. For the top of this rally, the analyst puts the price at $1,000.

Currently, the XRP price is sitting at $0.5141, registering a 1.49% loss in the last 24 hours.

Featured image from Crypto News, chart from Tradingview.com
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Scott Matherson
Scott Matherson

Scott Matherson

Scott Matherson is a prominent crypto writer at NewsBTC with a knack for capturing the pulse of the market, covering pivotal shifts, technological advancements, and regulatory changes with precision. Having witnessed the evolving landscape of the crypto world firsthand, Scott is able to dissect complex crypto topics and present them in an accessible and engaging manner. Scott's dedication to clarity and accuracy has made him an indispensable asset, helping to demystify the complex world of cryptocurrency for countless readers.

Read more

Scott’s experience spans a number of industries outside of crypto including banking and investment. He has brought his vast experience from these industries into crypto, which allows him to understand even the most complex topics and break them down in a way that is easy for readers from all works of life to understand. Scott’s pieces have helped to break down cryptocurrency processes and how they work, as well as the underlying groundbreaking technology that makes them so important to everyday life.

With years of experience in the crypto market, Scott began to focus on his true passion: writing. During this time, Scott has been able to author countless influential pieces that have drawn in millions of readers and have shaped public opinion across various important topics. His repertoire spans hundreds of articles on various sectors in the crypto industry, including decentralized finance (DeFi), decentralized exchanges (DEXes), Staking, Liquid Staking, emerging technologies, and non-fungible tokens (NFTs), among others.

Scott’s influence is not just limited to the countless discussions that his publications have sparked but also as a consultant for major projects in the space. He has consulted on issues ranging from crypto regulations to new technology deployment. Scott’s expertise also spans community building and contributes to a number of causes to further the development of the crypto industry.

Scott is an advocate for sustainable practices within the crypto industry and has championed discussions around green blockchain solutions. His ability to keep in line with market trends has made his work a favorite among crypto investors.
In his personal life, Scott is an avid traveler and his exposure to the world and various way of life has helped him to understand how important technologies like the blockchain and cryptocurrencies are. This has been key in his understanding of its global impact, as well as his ability to connect socio-economic developments to technological trends around the globe like no one else.

Scott is known for his work in community education to help people understand crypto technology and how its existence impacts their lives. He is a well-respected figure in his community, known for his work in helping to enlighten and inspire the next generation as they channel their energies into pressing issues. His work is a testament to his dedication and commitment to education and innovation, as well as the promotion of ethical practices in the rapidly developing world of cryptocurrencies.

Scott stands steady in the frontlines of the crypto revolution and is committed to helping to shape a future that promotes the development of technology in an ethical manner that translates to the benefit of all in the society.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

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