Ripple recently released its Q4 2023 XRP Markets Report, highlighting that the aforementioned period was a historic quarter for the cryptocurrency industry and broader macro assets.
The report highlighted the increase recorded in the on-chain activity of the XRP Ledger. “In the last quarter, on-chain transactions increased by 34% and the number of wallets increased by more than 30%. More than half of all NFTs minted occurred in Q4, increasing over 400% compared to Q3.”
According to the document, the non-fungible token (NFT) use case continued to gain momentum, with more than 5 million coins and more than 1 million sales, totaling almost $10 million in sales volume.
The data also highlighted that XRP spot volumes rebounded strongly in Q4, with daily trading reaching $600 million per day (a 75-100% increase from Q3 lows). “This is in line with the rest of the market, which also saw BTC volumes increase 88% QoQ and ETH volumes increase 140% QoQ,” added Ripple.
“Looking ahead, 2024 is a year with several potentially large-scale changes to market structure as the market for approved ETFs develops in a sign of increased institutional interest in conjunction with investor appetite for “proxies.” BTC”, such as Microstrategy, Coinbase and various mining services”.
At the time of publication, the price of XRP was quoted at US$0.5236 with an increase of 2.2% in the last 24 hours. During this period, the cryptocurrency recorded a trading volume of US$872,606,123. Over the past seven days, the price of XRP has increased by 4.3%.
XRP poised for a rally that could last up to four weeks
The cryptocurrency XRP is poised for a rally that could last up to four weeks, according to a recent analysis shared by renowned cryptocurrency analyst Ali Martinez on February 6. According to the expert, XRP is currently giving a buy signal.
“The TD Sequential indicator is signaling a buy on the $XRP weekly chart, suggesting that XRP is primed for a rally that will last one to four weeks.”
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