XRP Price Analysis: Price Surge by 0.66% in The Last 24 Hours; What’s Next?

XRP Set for $1.67 Surge After Retesting Crucial $0.41 Support

Currently, XRP is trading at $0.53, reflecting a modest 0.66% increase in the last 24 hours. The trading volume stands robust at $1,089,966,567. However, the cryptocurrency has experienced a slight depreciation of 0.72% over the past week, aligning with a 12% decrease in daily active addresses, according to Santiment’s seven-day moving average data. Despite this short-term decline, the XRP Ledger (XRPL) shows signs of underlying solid momentum.

Source: XRP 24-hour Chart (CMC)

Surge in User Engagement

Messari’s latest report, titled “State of XRP Ledger Q1 2024,” underscores a significant rise in user demand for XRPL during the first quarter of 2024. From January to March, the ledger witnessed a substantial surge in user engagement and transactions, achieving the highest quarterly revenue of the year. The report reveals an average of 41,000 daily addresses conducting at least one transaction on the blockchain, marking a 37% increase from the previous quarter’s average of 30,000. This surge in active addresses contributed to an impressive 113% increase in daily transactions, indicating a growing potential for profitability.

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Interestingly, the number of new addresses created on XRPL declined in the first quarter of 2024 compared to the fourth quarter of 2023. Messari attributes this decline to the unusually high rate of address creation in the fourth quarter of 2023, driven by inscription activities. Nonetheless, on an annual basis, there was a 29.8% increase in new addresses from Q1 2023 to Q1 2024. However, the number of deleted addresses surged by 55.9%, reaching 33,000, as inscription activities concluded.

Profitability Analysis

Despite the recent decline in daily active addresses, the daily profit/loss ratio of transaction volume on the XRPL increased to 1.34, suggesting 1.34 profitable transactions for every losing one. This ratio indicates that many users are still finding profitability in their XRP transactions, which could help stabilize and potentially boost the market sentiment in the near future.

Conclusion

The data from Messari’s report underscores the growing popularity and adoption of the XRP Ledger, making it a noteworthy asset for investors and traders. While short-term fluctuations in address activity and price are evident, the long-term trend of increasing user engagement and transaction profitability paints a promising picture for XRP’s future.

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Disclaimer: The information in this article should not be considered financial advice, and FXCryptoNews articles are intended only to provide educational and general information. Please consult with a financial advisor before making any investment decisions.

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