Thursday, July 24, 2025
No Result
View All Result
DOLLAR BITCOIN
Shop
  • Home
  • Blockchain
  • Bitcoin
  • Cryptocurrency
  • Altcoin
  • Ethereum
  • Market & Analysis
  • DeFi
  • More
    • Dogecoin
    • NFTs
    • XRP
    • Regulations
  • Shop
    • Bitcoin Book
    • Bitcoin Coin
    • Bitcoin Hat
    • Bitcoin Merch
    • Bitcoin Miner
    • Bitcoin Miner Machine
    • Bitcoin Shirt
    • Bitcoin Standard
    • Bitcoin Wallet
DOLLAR BITCOIN
No Result
View All Result
Home Market & Analysis

XRP Ledger Sees Sharp Decline In Major Metric That Threatens To Send XRP Price To $0.2

n70products by n70products
August 6, 2024
in Market & Analysis
0
XRP Ledger Sees Sharp Decline In Major Metric That Threatens To Send XRP Price To $0.2
0
SHARES
0
VIEWS
Share on FacebookShare on Twitter


Ripple’s Q2 2024 market report lately highlighted a decline in a vital on-chain metric that might considerably influence the the XRP price. This decline in community exercise and several other different components threaten to ship the crypto token to new lows quickly sufficient. 

XRP Data Decline In On-chain Transactions

In line with the report, on-chain transactions on the XRP Ledger (XRPL) declined by 65.6% within the second quarter of 2024. 86.38 million transactions had been recorded throughout this era, in comparison with 251.39 million within the first quarter of this 12 months. A drop within the community exercise is critical because it highlights buyers’ sentiment in the direction of the XRP ecosystem. 

Associated Studying

This decline in community exercise can even negatively influence the XRP price, particularly if this development continues within the third quarter of the 12 months. A believable rationalization for the decline in on-chain transactions for the XRPL within the second quarter is XRP’s underperformance within the first quarter of the 12 months. 

High expectations for XRP heading into the brand new 12 months could have prompted buyers to extend their publicity to the crypto, which led to the highs in community exercise recorded within the first quarter. Nevertheless, these buyers could have had a rethink as XRP failed to achieve new highs even when Bitcoin hit a new all-time high (ATH), resulting in a decline in community exercise within the second quarter. 

The silver lining is that XRP buyers have regained their bullish sentiment in the direction of XRP, resulting in elevated community exercise. Bitcoinist recently reported a spike in new addresses and the variety of addresses interacting on the XRPL, with these metrics reaching their highest ranges since March earlier this 12 months. 

The revived bullish sentiment amongst XRP buyers is principally due to the idea that the lawsuit between the US Securities and Exchange Commission (SEC) and Ripple may finish quickly, presenting a bullish outlook for XRP’s worth. Nevertheless, if that doesn’t occur quickly sufficient, XRP is susceptible to witnessing a big worth decline as exercise on the XRPL drops.

Different Elements That May Contribute To A Crash For The XRP Worth

The bearish sentiment within the broader crypto market is one other issue that might contribute to large worth declines for XRP. Bitcoin is presently struggling to hold above $50,000, and the flagship crypto may ship altcoins like XRP crashing if it continues to drop to new lows. XRP can also be well-placed to be among the many altcoins that might be most affected, seeing how the crypto token has to date reacted to Bitcoin’s recent crash below $60,000. 

Associated Studying

The conclusion of the lawsuit between the SEC and Ripple may additionally negatively influence XRP’s worth if the treatments awarded towards the crypto agency align with the Fee’s proposed treatments. The SEC has asked Decide Analisa to award a advantageous of $102.6 million towards Ripple, which is method above the $10 million that the crypto agency proposed. 

On the time of writing, XRP is buying and selling at round $0.46, down over 16% within the final 24 hours, in keeping with data from CoinMarketCap. 

XRP price chart from Tradingview.com
XRP worth stays low | Supply: XRPUSDT on Tradingview.com

Featured picture created with Dall.E, chart from Tradingview.com



Source link

Tags: DeclineLedgerMajormetricPriceseesSendSharpThreatensXRP
Previous Post

Why Ethereum needs to cross $2.5K to turn bullish again

Next Post

US Senators Receive 2,200 Letters in Under 48 Hours in Support of Senator Lummis’ Pro-Bitcoin Bill

Next Post
US Senators Receive 2,200 Letters in Under 48 Hours in Support of Senator Lummis’ Pro-Bitcoin Bill

US Senators Receive 2,200 Letters in Under 48 Hours in Support of Senator Lummis’ Pro-Bitcoin Bill

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Premium Content

Will XRP Price Rally $3 After New Futures ETF Launch?

May 22, 2025
This Ethereum-Based Altcoin Could Explode by Over 160% Against Bitcoin, Predicts Analyst Michaël van de Poppe

This Ethereum-Based Altcoin Could Explode by Over 160% Against Bitcoin, Predicts Analyst Michaël van de Poppe

January 27, 2024
Is It Time to Worry About Soaring Costs?

Is It Time to Worry About Soaring Costs?

December 23, 2023

Building for operational resilience in the age of AI and hybrid cloud

March 20, 2024
Solana Challenger Sui Jumps After 21Shares Files for SUI Exchange-Traded Fund

Solana Challenger Sui Jumps After 21Shares Files for SUI Exchange-Traded Fund

May 2, 2025
Ethereum whales sell $321 mln in 60 seconds! Still, a tough battle remains

Ethereum whales sell $321 mln in 60 seconds! Still, a tough battle remains

June 21, 2025

Recent Posts

  • Crypto ATMs were just banned in New Zealand: Here’s why it matters
  • I’ve tested dozens of tablets and this is the first Android model to truly replace my iPad Pro
  • XRP Price Trims Gains After Rally – Is This Just a Healthy Correction?

Categories

  • Altcoin
  • Bitcoin
  • Blockchain
  • Blog
  • Cryptocurrency
  • DeFi
  • Dogecoin
  • Ethereum
  • Market & Analysis
  • NFTs
  • Regulations
  • XRP

Recommended

Crypto ATMs were just banned in New Zealand: Here’s why it matters

Crypto ATMs were just banned in New Zealand: Here’s why it matters

July 24, 2025
I’ve tested dozens of tablets and this is the first Android model to truly replace my iPad Pro

I’ve tested dozens of tablets and this is the first Android model to truly replace my iPad Pro

July 24, 2025

© 2023 Dollar-Bitcoin | All Rights Reserved

No Result
View All Result
  • Home
  • Blockchain
  • Bitcoin
  • Cryptocurrency
  • Altcoin
  • Ethereum
  • Market & Analysis
  • DeFi
  • More
    • Dogecoin
    • NFTs
    • XRP
    • Regulations
  • Shop
    • Bitcoin Book
    • Bitcoin Coin
    • Bitcoin Hat
    • Bitcoin Merch
    • Bitcoin Miner
    • Bitcoin Miner Machine
    • Bitcoin Shirt
    • Bitcoin Standard
    • Bitcoin Wallet

© 2023 Dollar-Bitcoin | All Rights Reserved

Are you sure want to unlock this post?
Unlock left : 0
Are you sure want to cancel subscription?
💵 Turn Every Dollar Into Crypto Rewards! Wirex lets you spend dollars or bitcoin — and get up to 8% back in crypto instantly. 💸 Exclusive offers dropping soon — stay tuned!
“Offers Launching Soon”
This is default text for notification bar
Learn more
Go to mobile version