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XRP Daily Market Analysis: Will XRP Break Its ATH of $3.84 Anytime Soon?

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XRP's Consolidation Phase: Assessing Potential Breakouts

XRP is currently trading at $0.53, showing a mild 0.43% increase over the last 24 hours. The 24-hour trading volume is substantial at $1,089,966,567. Over the past week, XRP has seen a slight decrease of 0.72%, which aligns with a 12% reduction in daily active addresses based on Santiment’s seven-day moving average data. Despite these short-term declines, the overall XRP Ledger (XRPL) trend remains positive.

Source: XRP 24-hour Chart (CMC)

Increasing User Activity

Messari’s “State of XRP Ledger Q1 2024” report reveals an exciting surge in user demand and engagement on the XRPL during the first quarter of 2024. The period from January to March witnessed the highest quarterly revenue of the year, propelled by a significant increase in transactions and user activity. The average number of daily addresses executing at least one transaction on the blockchain rose to 41,000, a remarkable 37% increase from the previous quarter’s average of 30,000. This surge in active addresses led to an impressive 113% increase in daily transactions, indicating a promising growth opportunity.

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Dynamics of Address Creation

The first quarter of 2024 saw a decline in creating new addresses compared to the fourth quarter of 2023. Messari attributes this drop to the exceptionally high rate of address creation in Q4 2023, spurred by inscription activities. Despite this quarterly decline, there was a 29.8% annual increase in new addresses from Q1 2023 to Q1 2024. However, the number of deleted addresses surged by 55.9%, reaching 33,000, as inscription activities came to an end.

Profitability Metrics

Despite the decrease in daily active addresses, the daily profit/loss ratio of the transaction volume on the XRPL has surged to 1.34. This ratio suggests that for every losing transaction, there are 1.34 profitable ones, indicating that many users are still reaping benefits from their transactions. This profitability not only enhances market confidence but also supports the potential future value of XRP, fostering a sense of optimism.

Conclusion

The latest data from Messari underscores the increasing adoption and popularity of the XRP Ledger, making it an essential asset for serious investors and traders to consider. While there are short-term fluctuations in price and address activity, the long-term trends in user engagement and transaction profitability highlight a promising future for XRP.

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