The Ripple Effect: How XRP Is Changing The Game?

• 1 The onchain data of the XRP suggests a strong momentum in the token price for the future.
• 2 XRP price is trading at $0.566 and increased 1.30% in the last intraday session.

Ripple (XRP) is a crypto token that enables fast and cheap transfers across borders. It acts as a bridge currency that allows more efficient exchanges of crypto and fiat currencies for financial institutions.

It was founded by three engineers who wanted a better system than bitcoin and created the XRP Ledger in 2012. The XRP Ledger used the XRP token and other components that later merged into RippleNet. Ripple got 80 Billion XRP from the developers and sold them gradually to increase liquidity and market strength.

How does XRP work?

The XRP Ledger is like other crypto blockchains that keep a permanent record of transactions in its digital ledger. The XRPL also stores transaction data such as accounts, balances, and transfers and protects them with key pairs. For protection they use two kinds of keys one is public and the second is private, the private key owners can authorize transactions.

The XRP Ledger is a public blockchain for business. Many people work together to make it better and useful. Basically, XRPL uses a consensus protocol on some servers called validators, that everyone can run, and decide the order and result of XRP transactions every few seconds. All servers follow the same rules, and any transaction that follows the rules is confirmed right away. All transactions are public, and strong math protects the system.

Now there are more than 120 validators on the ledger, run by schools, exchanges, businesses, and individuals. As more validators join, the consensus protocol makes the blockchain more fair over time.

Moreover, the consensus protocol takes a ledger as a start, makes validators agree on some transactions to do next, and then makes sure everyone gets the same results. When this works, the result is a new ledger. Then it repeats to make the next ledger.

Then each ledger has state data, a transaction set, and a header. The state data shows all accounts, balances, and other things. The transaction set shows what changes were made. The header shows the number, has, time, and other nodes of the ledger. At last, the ledger is validated when enough validators agree on it.

Onchain: What Does It Tells About XRP?

The XRP has many benefits, and one of the benefits of XRP is that it is very fast. Unlike other payment systems that might consume more time to process transaction, XRP uses XRP ledger to verify and settle payments in real time. 

The another benefit of XRP is that it is very cheap, at avery low cost transactions can be made. It is very stable and powerful, as it can handle more transactions per second. Moreover, it uses much less energy than other blockchains and it is not controlled by anyone and anyone can use it as well.

The XRP ledgers are validated when enough validators agree on it, the validators nodes are distributed across the world. However, the major nodes are concentrated in the United states and Europe.

Furthermore, XRP has a maximum supply of 100 billions XRP. Out of these, about 59 Billion XRP are in circulation among 4.8 million active users. Some XRP’s are locked in escrow, that is a feature of the XRP ledger that enables conditional payments, currently there are 41 billion XRP in escrow.

The Kraken (2) had the last biggest payment transaction happen on November 17th, 2022,and on June 23rd, 2023. The address was “rUeDDFNp2q7Ymvyv75hFGC8DAcygVyJbNF”. 

Moreover, there is a random wallet which might be of a singular entity, the biggest payment transaction that happened in this address was in July 4th 2023, and July 24th 2023. The address was “rEvwSpejhGTbdAXbxRTpGAzPBQkBRZxN5s”.

The Number of transactions executed in the last six months in the XRP haas decreased. On may 28th the number of the transaction were 16,62,009 and the current transactions executed were 7,87,184.

The last highest number of new accounts was activated on july 13th 2023 with the count of 6207 numbers. which has dropped and currently, the new accounts XRP getting are 1239 numbers.

Moreover, the average number of transactions per ledger had neither any major surge nor decline, the graph shows stagnant activity and the current transaction per ledger is 35.94.

Can XRP Continue Rallying and reach $1 Next?

The XRP showed good performance over the last 52 weeks as it surged by 20.25% and 21.75% in the last six months. However, in the last three months, the XRP price performance declined by 18.84%.

The price action shows the XRP has taken support on the $0.4818 level, where it was stagnant for some time. 

Therefore, if the XRP crosses the major swing high, it could continue it rally upwards and the probable resistance could be $0.654 and &0.70.

Alternatively, if the price starts to decline and slips from the current level it would hit $0.50 and $0.45.

At press time, the 20 and 50 EMA are supporting the price upward, and macd indicates a bullish cross. The histogram is increasing, which shows a rise in bullish momentum and a more bullish outlook for future sessions.

Summary

XRP has many benefits, and one of the benefits of XRP is that it is very fast. It is very stable and powerful, as it can handle more transactions per second. The last highest number of new accounts was activated on July 13th, 2023 with a count of 6207. The price action and technical tools indicate bullish outlook for future sessions in XRP. The chart shows bullish sentiments in the XRP.

Technical Levels

Support Levels: $0.50 and $0.45

Resistance Levels: $0.654 and &0.70

Disclaimer

In this article, the views, and opinions stated by the author, or any people named are for informational purposes only, and they don’t establish the investment, financial, or any other advice. Trading or investing in cryptocurrency assets comes with a risk of financial loss.