Ripple's XRP witness decline in key on-chain metrics amid funding rates reset

출처 Fxstreet
  • XRP weekly active addresses dropped by over 180K after its recent price correction.
  • XRP investors continue record profit-taking for the second consecutive week with nearly $2.2 billion in realized profits.
  • Funding rates reset could spur a fresh XRP rally to new highs.

Ripple's XRP is up 4% on Friday after recovering from a sharp correction during the week. While the remittance-based token saw a drop in weekly active addresses and increased profit-taking, its recent funding rates reset could help spur a fresh rally.

XRP on-chain metrics display mixed sentiment among investors

XRP witnessed a drop-off in network activity after seeing a slight correction earlier in the week. The total number of weekly active XRP addresses declined from a yearly high of 495K to 312K on Friday. This suggests that most of XRP's recent wallet activity came from traders/investors rather than real utility growth.

XRP Active Addresses

XRP Active Addresses | Santiment

Next, XRP supply distribution reveals mixed sentiment among whales. Small-scale whales (1M to 10M XRP) continued their accumulation spree during the week, growing their balance by 180 million XRP.

However, large-scale whales (10M to 100M XRP) reduced their holdings by over 340 million XRP during the same period.

XRP Supply Distribution

XRP Supply Distribution | Santiment

Despite the mixed whale activity, XRP flows across spot exchanges show that outflows outpaced inflows during the week but with reduced trading volume. Outflows in spot exchanges indicate a bullish bias among spot investors.

XRP Spot Data Analysis

XRP Spot Data Analysis | Coinglass

Meanwhile, XRP investors realized about $2.2 billion in profits during the week. Notably, investors booked nearly $1.4 billion in profits on Wednesday after XRP recovered from a dip to $1.91. This marks the second-highest profit-taking day since 2021 after investors realized profits of $1.6 billion on December 1. This trend could continue if XRP resumes its rally and rises to key profit targets.

XRP Network Realized Profit/Loss

XRP Network Realized Profit/Loss | Santiment

Key XRP news during the week

  • Ripple Labs received approval from the New York Department of Financial Services (NYDFS) to launch its RLUSD stablecoin in the US. RLUSD will go live on the XRP Ledger and Ethereum blockchain in the coming months, enabling users to leverage it across DeFi applications.
  • In an X post on Wednesday, crypto influencer Ben Armstrong, aka Bitboy crypto, indicated that the market could see an XRP ETF in the coming months following a 300% growth in Grayscale's XRP Trust since its launch in September. The net asset value (NAV) per share of the trust has grown from $10.85 on September 5 to $48.27 on Friday.

XRP funding reset may be what's needed to help spur rally to new highs 

XRP's funding rates returned to normal levels during the week, dropping from a peak of 0.096% on December 5 to 0.012% on Friday, per Coinglass data. The drop-off also came with significant liquidations in the past two weeks. With funding rates at normal levels, XRP could begin a fresh quest to new highs if the wider crypto market's bullish sentiment continues.

Meanwhile, after seeing a rejection near the upper boundary of a flag channel, XRP is on the verge of breaking above the resistance. A firm close above this upper boundary and an eventual move above the resistance level near $2.58 could spark an XRP rally to a new all-time high of $4.78.

XRP/USDT daily chart

XRP/USDT daily chart

However, XRP has to overcome the selling pressure near the $3.00 psychological level to complete this move.

The Relative Strength Index (RSI) and Stochastic Oscillator are above their neutral levels, indicating dominant bullish momentum.

A daily candlestick close below $1.96 will invalidate the bullish thesis.

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.

면책 조항: 정보 제공 목적으로만 사용됩니다. 과거 성과가 미래 결과를 보장하지 않습니다.
placeholder
은 가격 전망: XAG/USD, 51.50달러 상회하며 사상 최고치 경신은(XAG/USD) 가격은 4거래일 연속 상승세를 이어가며 월요일 아시아 시간대에 온스당 51.69달러의 사상 최고가를 기록했다. 무이자 자산인 은은 연내 미 연준(Fed) 추가 인하 가능성 확대에 힘입어 지지를 받았다.
저자  FXStreet
16 시간 전
은(XAG/USD) 가격은 4거래일 연속 상승세를 이어가며 월요일 아시아 시간대에 온스당 51.69달러의 사상 최고가를 기록했다. 무이자 자산인 은은 연내 미 연준(Fed) 추가 인하 가능성 확대에 힘입어 지지를 받았다.
placeholder
밈코인 가격 전망: 도지코인·시바이누·페페, 매도 압력 완화 속 안정세밈 코인인 도지코인(DOGE), 시바이누(SHIB), 페페(PEPE)는 일요일 반등에 이어 한 주를 긍정적으로 시작했다. 금요일 하루에만 190억 달러 이상이 강제 청산된 급락장에서 회복하는 과정에서, 파생상품 지표가 가리키는 개인(리테일) 수요가 점진적으로 되살아나는 모습이다.
저자  FXStreet
16 시간 전
밈 코인인 도지코인(DOGE), 시바이누(SHIB), 페페(PEPE)는 일요일 반등에 이어 한 주를 긍정적으로 시작했다. 금요일 하루에만 190억 달러 이상이 강제 청산된 급락장에서 회복하는 과정에서, 파생상품 지표가 가리키는 개인(리테일) 수요가 점진적으로 되살아나는 모습이다.
placeholder
BNB 가격 전망: 회복세 가속, 사상 최고가 근접… CZ “진짜 수요가 만든 랠리”BNB(BNB, 이전 명칭 바이낸스 코인)가 최근 조정 이후 월요일 약 1,300달러까지 반등하며 사상가에 근접했다.
저자  FXStreet
16 시간 전
BNB(BNB, 이전 명칭 바이낸스 코인)가 최근 조정 이후 월요일 약 1,300달러까지 반등하며 사상가에 근접했다.
placeholder
트럼프의 대중 완화 발언에 WTI 반등, 배럴당 59.50달러선 접근서부텍사스산중질유(WTI) 가격은 직전 세션에서 5% 넘게 밀린 뒤 월요일 아시아 시간대에 약 2.5% 회복하며 배럴당 59.40달러 안팎에서 거래됐다.
저자  FXStreet
16 시간 전
서부텍사스산중질유(WTI) 가격은 직전 세션에서 5% 넘게 밀린 뒤 월요일 아시아 시간대에 약 2.5% 회복하며 배럴당 59.40달러 안팎에서 거래됐다.
placeholder
미·중 무역 긴장과 연준 추가 인하 기대 속 금값, 사상 최고치 경신금(XAU/USD)은 이틀 연속 후속 매수세가 이어지며 월요일 아시아 세션에서 온스당 4,059~4,060달러 부근까지 올라 사상 최고가를 새로 썼다.
저자  FXStreet
16 시간 전
금(XAU/USD)은 이틀 연속 후속 매수세가 이어지며 월요일 아시아 세션에서 온스당 4,059~4,060달러 부근까지 올라 사상 최고가를 새로 썼다.
goTop
quote