The XRP Price Retraces, but Metrics Suggest a Potential Rally
The XRP price has experienced a decline after surpassing $0.54 last week. However, this doesn’t necessarily mean that the XRP rally is coming to an end. When you look at the altcoin’s metrics and performance, it becomes clear that there is still potential for growth.
XRP Daily Transaction Count Remains Strong
Since July, when programmatic XRP sales were ruled not to be investment contracts, the daily transaction count for XRP has consistently exceeded 1 million. In fact, in August, XRP’s daily transaction counts even surpassed those of Bitcoin and Ethereum. The network has continued to maintain these high transaction numbers throughout October.
XRP Ledger Crosses 83 Million Blocks
In addition to high transaction counts, the XRP Ledger has also seen active participation from users in block production. Just recently, the blockchain marked its 83 millionth block, less than two months after reaching its 82 millionth block.
Rising Interest Reflected in Trading Volume
The rapid rise in usage of the XRP Ledger is evident in the number of payments made and transactions conducted. At the time of writing, over 46,000 payments have been made in the current block, along with 392,000 transactions and an average Transaction Per Second (TPS) of 20 TPS. Moreover, XRP daily trading volume has increased by more than 56% to approximately $480 million.
Potential for a Continued Rally
Despite the recent decline in price, several bullish metrics suggest that the XRP price could bounce back and continue its rally. According to one crypto analyst, XRP is approaching a point in its 39-month cycle where it could see another rally, potentially reaching a price of $1,000. Currently, the XRP price stands at $0.5141.
Hot Take: XRP’s Metrics Indicate a Promising Future
Although the XRP price has retraced in recent days, the altcoin’s metrics and performance suggest that there is still potential for a strong rally. The daily transaction count remains above 1 million, indicating sustained interest in the network. Additionally, the XRP Ledger has crossed 83 million blocks, demonstrating active participation from users. Rising trading volume further reflects increasing interest, potentially skewed towards buying rather than selling. With these positive indicators, it’s possible that the XRP price could recover and continue its upward trend. Keep an eye on XRP as it may be poised for significant growth in the near future.
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