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XRP Price Eyes Massive Rally As XRPL Transactions Hit $50 Billion
XRP price is attracting bullish attention after transaction volume on the $XRP Ledger skyrocketed to nearly $50 billion. The XRPL transaction volume marked a dramatic increase from the levels recorded over the preceding days. Ali Martinez, an analyst, says that the market may be nearing a bottom and be ready to rally to $2 as on-chain activity surged alongside $XRP hitting the $1.25 support level.
XRPL Transaction Volume Explodes Nearly 6,000%
On October 19, approximately $49.66 billion worth of coins were transferred on the XRP Ledger, according to the Santiment chart shared by Martinez. That’s about $0.8 billion each of the previous days on the chart, which is an estimated 6,000% more than the previous amount.
The chart shows that transactions were quite low during the October 16, 17 and 18 and then went off the charts on the 19th. The sharp surge was in tandem with XRP price trading above the $1.25 level and a quick recovery.
On X, Martinez declared, “XRP: THE BOTTOM IS IN.” In this regard, he implied that the price stability coupled with increased on-chain activity could be a sign that selling pressure is easing for XRP price.
“This surge in on-chain activity around such a critical support level suggests that $1.25 could mark the bottom,” he wrote.
However, an increase in volume does not necessarily mean a market reversal, aa rhe dollar value of coins transferred may not be a measure of the net buying pressure.#Write2Earn #W2E $XRP
XRP Price Eyes Massive Rally As XRPL Transactions Hit $50 Billion
XRP price is attracting bullish attention after transaction volume on the $XRP Ledger skyrocketed to nearly $50 billion. The XRPL transaction volume marked a dramatic increase from the levels recorded over the preceding days. Ali Martinez, an analyst, says that the market may be nearing a bottom and be ready to rally to $2 as on-chain activity surged alongside $XRP hitting the $1.25 support level.
XRPL Transaction Volume Explodes Nearly 6,000%
On October 19, approximately $49.66 billion worth of coins were transferred on the XRP Ledger, according to the Santiment chart shared by Martinez. That’s about $0.8 billion each of the previous days on the chart, which is an estimated 6,000% more than the previous amount.
The chart shows that transactions were quite low during the October 16, 17 and 18 and then went off the charts on the 19th. The sharp surge was in tandem with XRP price trading above the $1.25 level and a quick recovery.
On X, Martinez declared, “XRP: THE BOTTOM IS IN.” In this regard, he implied that the price stability coupled with increased on-chain activity could be a sign that selling pressure is easing for XRP price.
“This surge in on-chain activity around such a critical support level suggests that $1.25 could mark the bottom,” he wrote.
However, an increase in volume does not necessarily mean a market reversal, aa rhe dollar value of coins transferred may not be a measure of the net buying pressure.#Write2Earn #W2E $XRP