- The analysis of the XRP Ledger provided an optimistic outlook.
- However, the price movement quickly dashed those expectations.
Ripple [XRP] remains in a phase of consolidation, holding on to the support level of $0.52, while whale activity has had minimal impact on driving prices upwards.
The recent news of a whale withdrawing 52 million XRP, valued at approximately $28.67 million from Bybit, failed to enhance market sentiment or generate bullish momentum.
In additional updates, Elon Musk, CEO and Founder of Tesla and SpaceX and proprietor of X (previously Twitter), was queried regarding the adoption of XRP by financial entities.
XRP Ledger recorded promising statistics
Source: XRP/USDT on TradingView
The daily chart for XRP price does not indicate a bullish trend. The market structure appears predominantly bearish, and the steep price decline observed in early October has left a considerable imbalance to the north.
Consequently, while XRP may aim for a bounce toward the recent highs in the range of $0.62-$0.66, there will be substantial pressure to sell.
A post on CryptoQuant highlighted that Wenry Seoul, Marketing Manager at Catalyze Research, observed the XRP Ledger achieving a daily transaction volume on par with that of Layer 1 networks.
This observation was made based on activity from September 15 to October 15.
Metrics encompassing decentralized exchange activity revealed a 6.83% drop in the number of trades, decreasing from 6.88 million to 6.41 million. Nonetheless, the overall DEX volume experienced a significant increase of 17.64%, reaching $4.6 million.
Regarding Automated Market Maker (AMM) Liquidity Provision, growth was noteworthy.
AMMDeposit refers to depositing funds into an existing AMM instance, whereas AMMCreate is the action of establishing a new instance for trading a pair of assets.
The notable increase in both AMMDeposit and AMMCreate signifies a rise in liquidity deposits, reflecting a growing sense of confidence in the ecosystem.
Network expansion exceeds three-month peaks
Read Ripple’s [XRP] Price Prediction 2024-25
The transaction count increased from October 7 to October 20 but has recently started to decline. This rapid network development is particularly promising as it may drive demand.
This development could aid the bullish forces in maintaining the crucial support level at $0.52. However, based on current price dynamics, a sweep of the $0.508 area might be required before any upward movement toward $0.62.
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