These Bullish Factors Prove XRP Price Rally Is Not Over Yet
October 09 2023 - 3:00PM
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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. 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. Related Reading: 39-Month Cycle Says XRP Price Is Poised For
Breakout To $1,000, Here’s When 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 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. Related Reading: Crypto
Analyst Presents Data To Prove That XRP Is Deflationary 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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