The XRP price has regained much of its gains after surging above $0.54 last week. Obviously, this could indicate that the end is in sight for an XRP rally, but this is not necessarily the case when you look at the altcoin’s stats and performance, even during the price drop.
The daily number of XRP transactions remains above 1 million
The daily number of XRP transactions skyrocketed above 1 million for the first time in July, when Judge Analisa Torres ruled that programmatic XRP sales did not constitute investment contracts. As a result, the XRP price had increased by more than 60% and the number of daily transactions also skyrocketed.
By the time August arrived, XRP’s daily transaction numbers had surpassed those of Bitcoin and Ethereum, and the network hasn’t slowed down since. Watch facts from BitInfoCharts, XRP still maintains its over 1 million transactions per day numbers.
Daily transaction count remains above 1 million | Source: BitInfoCharts
Since early October, the altcoin’s daily transaction numbers have also consistently topped those of Bitcoin and Ethereum, showing that interest in the network has not waned.
XRP Ledger crosses 83 million blocks
Since the number of transactions was on the high side, block production on the XRP Ledger also shows active user participation. At the end of last week, the blockchain marked its 83 millionth block.
This was confirmed by the XRPScan account on X (formerly Twitter), less than two months after the Ledger marked its 82 millionth block.
XRP Ledger successfully closed its 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 increase in usage is evident from the more than 46,000 payments that have already been made in the current block at the time of writing. In addition, there have been 392,000 transactions and this number is increasing, 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 increases by 56%
Another major factor that could indicate that the XRP price rally is not over yet is the jump in daily trading volume. Between Sunday and Monday, XRP’s daily trading volume increased by more than 56% to approximately $480 million. This follows a jump above $500 million before the cooling-off period.
Like other factors mentioned above, the jump in trading volume indicates increasing interest. Considering that the XRP price has not been in freefall, this could indicate that volume is moving more towards buying than selling. In that case, there is a greater chance that a rally will occur.
XRP Price Rally May Continue
Despite falling under bearish pressure in recent days, the XRP price could quickly recover as the metrics continue to flash bullishly. As one crypto analyst notes, the XRP price is reaching the point in its 39-month cycle where it could bounce to another rally. For the top of this rally, the analyst estimates the price at $1,000.
Currently, the XRP price stands at $0.5141, marking a loss of 1.49% in the last 24 hours.
Featured image from Crypto News, chart from Tradingview.com
