XRP price makes comeback above $0.60 while transaction volume shrinks 70% in April

Source Fxstreet
Apr 9, 2024 06:25
  • XRP price surged past the $0.60 resistance, trading at $0.61 on Tuesday.
  • The altcoin has noted a 70% decline in its transaction volume between April 1 and 8, signaling loss of interest among traders. 
  • XRP active addresses declined by 36% in the same timeframe, signaling decline in on-chain activity. 

Ripple (XRP) price is $0.61 on Tuesday. The altcoin climbed above the psychologically important $0.60 level for the first time in a week, on Monday. XRPLedger’s native token has sustained its gains from Monday. 

XRP on-chain activity signals waning interest from market participants, there is a notable decline in both active addresses and transaction volume in Ripple. 

Daily digest market movers: Ripple on-chain activity on a steady decline

  • Ripple active addresses and transaction volume are two key metrics that measure the relevance of XRP among market participants, demand for the altcoin and interest among traders. 
  • Data from crypto intelligence tracker Santiment shows that between April 1 and 8, XRP active addresses dropped by 36% and transaction volume took a 70% hit. 
  • These metrics support a thesis of waning interest among traders and a drop in demand for XRP among market participants. 
  • Typically, these on-chain metrics would be associated with an upcoming correction in the altcoin’s price. 

XRP

XRP Active Addresses and Transaction Volume 

  • Ripple announced plans to launch USD-backed stablecoin on April 4, fueling anticipation among XRP holders and crypto influencers on X. 
  • Crypto experts believe the stablecoin launch could boost utility for XRPLedger’s native token XRP. 
  • A crypto expert behind the X handle @XRPcryptowolf believes the launch of the new stablecoin is a bullish development for XRP. 

Technical analysis: XRP price climbs back above $0.60

XRP price started an uptrend after hitting its April 4 low of $0.5623. XRP price formed a higher high in its 4-hour chart, making a comeback above its psychologically important $0.60 level. On Tuesday, XRP price climbed to $0.61. 

The green bars above the neutral line on the Awesome Oscillator support XRP’s recent gains. Relative Strength Index (RSI) climbed to 62.83, up from the neutral level at 50 (seen on Monday). 

In its uptrend, XRP price targets Monday’s high of $0.6265. Other key resistances in XRP price rally to year-to-date peak of $0.7440 is $0.65. XRP price has failed to flip this resistance into support throughout mid-March 2024. 

XRP

XRP/USDT 4-hour chart 

On the downside, a candlestick close below the $0.60 level could invalidate the bullish thesis and predict a decline to $0.5944, the 50% Fibonacci placeholder of XRP price climb to Monday’s high of $0.6265. 

XRP price could find support at the April 4 low of $0.5623, in the event of further correction in the altcoin. 

Ripple FAQs

Ripple is a payments company that specializes in cross-border remittance. The company does this by leveraging blockchain technology. RippleNet is a network used for payments transfer created by Ripple Labs Inc. and is open to financial institutions worldwide. The company also leverages the XRP token.

XRP is the native token of the decentralized blockchain XRPLedger. The token is used by Ripple Labs to facilitate transactions on the XRPLedger, helping financial institutions transfer value in a borderless manner. XRP therefore facilitates trustless and instant payments on the XRPLedger chain, helping financial firms save on the cost of transacting worldwide.

XRPLedger is based on a distributed ledger technology and the blockchain using XRP to power transactions. The ledger is different from other blockchains as it has a built-in inflammatory protocol that helps fight spam and distributed denial-of-service (DDOS) attacks. The XRPL is maintained by a peer-to-peer network known as the global XRP Ledger community.

XRP uses the interledger standard. This is a blockchain protocol that aids payments across different networks. For instance, XRP’s blockchain can connect the ledgers of two or more banks. This effectively removes intermediaries and the need for centralization in the system. XRP acts as the native token of the XRPLedger blockchain engineered by Jed McCaleb, Arthur Britto and David Schwartz.

 

Disclaimer: For information purposes only. Past performance is not indicative of future results.
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