A Comeback Story: Here’s How The XRP Trading Volume Fared In Q4 2023
09 Fevereiro 2024 - 5:30PM
NEWSBTC
A recent report released by Ripple in its Q4 2023 XRP Markets
Report unveiled that XRP experienced a substantial increase in
daily trading volume, hitting roughly $600 million this quarter.
According to the report, this surge represented a 75-100% growth
compared to the lower trading volumes observed in Q3. Notably, the
Ripple report suggests a rejuvenation in investor interest and
market activity for the altcoin, marking a notable shift from the
previous quarter’s performance. Related Reading: Ex-Ripple Director
Heralds ‘Big News’ For XRP, Can Price Respond? Ripple’s XRP
Holdings And Other Crypto Volume In Q4 2023 Ripple’s Q4 report also
provided insights into the company’s XRP holdings. As of September
30, 2023, Ripple’s total XRP holdings were more than 5.25 billion,
stored in its wallets, plus another 41.3 billion XRP secured in
on-ledger escrow. However, by the close of December 2023, Ripple’s
wallet holdings had slightly reduced to about 5.08 billion of this
token, and the XRP in on-ledger escrow had also decreased to
approximately 40.7 billion. According to the report, Ripple’s
access to the escrowed XRP is restricted until scheduled monthly
releases occur, a mechanism that ensures the controlled release of
tokens into the market. Meanwhile, in addition to the surge in
XRP’s trading volume, the Ripple markets report also revealed that
other major cryptocurrencies, such as Bitcoin (BTC) and Ethereum
(ETH), saw considerable increases in their trading volumes. BTC
volumes rose by 88% quarter-on-quarter (QoQ), while ETH recorded a
140% increase over the same period. These trends indicate a broader
recovery and bullish sentiment across the crypto market during the
quarter. XRP’s Market Performance And Future Outlook Despite the
recent surge in trading volume, XRP’s market price has shown
varying trends. In the last quarter of 2023, the altcoin traded
above $0.60, but as of the latest price action, it hovers just
above $0.5, indicating a decline. Although there has been a 3.7%
increase in the past week and a 2.2% rise in the past day, the
asset is currently trading around $0.52. Nevertheless, the
community and analysts remain optimistic about its future
potential. Crypto analyst Jaydee recently pointed out a historical
pattern suggesting an imminent parabolic move for XRP. According to
Jaydee, the altcoin is currently testing a 10-year trendline,
similar to previous instances that led to significant price
increases. #XRP – Last two times we tested the 10-year trendline,
$XRP 39x – 650x in price w/in a year! We are now testing multi-year
trendline! Can we bounce off trendline to finally break structure?!
Do NOT “KNOW WHAT YOU HOLD”, 🤦♂️🤣we taking “calculated profits!”
RT/Like for updates!… pic.twitter.com/flIQcDh4Ls — JD 🇵🇭
(@jaydee_757) February 3, 2024 Additionally, Crypto Patel, another
analyst, shared his forecast, emphasizing XRP’s potential to shine
and go parabolic, drawing parallels to past market trends. Patel
also referred to the legal developments involving Ripple and the US
Securities and Exchange Commission (SEC), suggesting that the
recent legal victory for Ripple could open doors for XRP’s breakout
in the next bull run. Related Reading: XRP Bulls Looming: Analyst
Predicts 400X With Historical Trend The analyst drew attention to a
specific chart pattern from 2017 that preceded a massive rally for
altcoin. If this trend repeats, Patel posits, the asset could
witness an ‘extraordinary’ surge, potentially reaching over $10. 🔥
Is This Finally XRP’s Time To SHINE, WIll hit $10 ? 🔹Last bull #XRP
seriously underperformed while stuck fighting the #SEC 🔹 BTC hit
new highs while XRP failed to pass 2017’s $3.30 ATH But with the
SEC case now won – the floodgates may finally BE OPEN! 🔹 Similar…
pic.twitter.com/joWLvBnadp — Crypto Patel (@CryptoPatel) February
7, 2024 Featured image from Unsplash, Chart from TradingView
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