These Bullish Factors Prove XRP Price Rally Is Not Over Yet
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.
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.
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
