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July 19, 2024
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XRP Ledger Flashes Big News: Is It A Trigger For XRP Price’s Bull Run?

The post XRP Ledger Flashes Big News: Is It A Trigger For XRP Price’s Bull Run? appeared first on Coinpedia Fintech News

The decentralized finance (DeFi) landscape within XRP has seen advancement through the integration of automated market maker (AMM) features, overseen by its decentralized network, the XRP Ledger (XRPL). Achieving a new milestone, the XRPL has successfully completed transactions across 87 million ledgers, potentially setting a bullish sentiment for a significant price recovery of XRP in the coming hours.

Rising Transaction Activity Might Trigger XRP Bull Run

In XRP Ledger, ledgers symbolize the unchangeable records of both transactions and account balances, which are collectively upheld and authenticated by a network of decentralized nodes. The recent achievement of surpassing 87 million ledgers signifies the substantial amount of activity and transactions for XRP Ledger.

Reports from XRP Ledger services indicate that the ledger count has now reached 87,014,885. Furthermore, the number of accounts on the XRP Ledger has exceeded five million, currently standing at 5,143,822, with the aggregate amount of XRP held in these accounts totaling 59,579,122,706 XRP.

Last month, following more than two years of development, the XLS-30 Automated Market Maker (AMM) amendment was activated on the XRP Ledger mainnet. This built-in function aims to facilitate on-chain liquidity and trading options for those involved in DeFi.

Despite this, XRP’s price has met a decline recently. However, the drop in XRP’s value triggers significant purchases by whale investors, as on-chain data suggests these “whales” are capitalizing on the lower prices.

According to insights from Santiment, XRP holders who possess between 10 million and 100 million tokens increased their stakes by 190 million XRP from March 27 to April 1. Moreover, an even larger group of investors, those with over 100 million XRP tokens, has been observed adding to their positions as well. This might create chances for an upcoming bull run for XRP price.

What’s Next For XRP?

XRP’s price hovered around the 20-day Exponential Moving Average (EMA), priced at $0.62, for multiple days. However, the recent decline below the ascending support line has strengthened sellers’ confidence. As of writing, XRP price trades at $0.605, declining over 3.3% from yesterday’s rate.

Should the price remain under the 20-day EMA and the ascending trend line, the XRP/USDT trading pair might fall towards the $0.53 support. This level is crucial for the bulls to hold, as a breach below it may indicate a shift in momentum favoring the bears, potentially leading the pair to decrease to $0.48.

Following the recent decline, bulls are strongly defending the $0.59 level as the price is attempting a rebound. A change in momentum to the bulls’ side is possible if they can push the price beyond $0.63, paving the way for a potential upsurge to the significant resistance level at $0.73.

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