Ripple research by SBI-owned HashHub shows a steep decline in XRP transactions

VaselineAugust 19, 2024

0 2 minutes read

Ripple research by SBI-owned HashHub shows a steep decline in XRP transactions

SBI-owned HashHub has published reports on the state of blockchain business Ripple and XRPledger.
XRPLedger transactions have fallen to almost a sixth of their previous value in early 2024, according to the research.
XRP is extending gains by nearly 4% on Monday, trading at $0.5833 at the time of writing.

Ripple (XRP) is trading at $0.5833 on Monday as the altcoin extends gains and recovers from the crypto market crash in early August. The Ripple stablecoin announcement, the Securities and Exchange Commission (SEC) ruling against the Ripple lawsuit, and recent research reports published by SBI-owned HashHub are the main market drivers for altcoins this week.

Daily Market Reasons: Ripple reports reveal big drop in transactions, drop in revenue collected

SBI-owned HashHub published two research reports on the current state of Ripple’s blockchain business and the XRP Ledger economy on August 17.
The reports highlight key facts about XRP Ledger’s performance in the first two quarters of 2024.
The total number of transactions on the XRP Ledger has fallen to a sixth of what was seen in early 2024.

Ripple

XRPLedger transactions count/day

Accounts created and active accounts declined, according to HashHub data.

XRP

Accounts created and active

XRPLedger has 3,724 fungible tokens and 5,988,017 NFTs issued on XRPL with a combined market cap of $135.63 million issued on-chain at the time of research. Of these, the top three tokens are:
Sologenic (SOLO): $44.4M market cap, 228,600 holders
CasinoCoin (CSC): $24.6 million market cap, 29,300 holders
Coreum (CORE): $12.4M market cap, 52,500 holders

Technical Analysis: XRP Extends Gains Nearly 4%

XRP could extend gains and target the upper bound of the fair value gap (FVG) at $0.6217, a 7.14% gain for the altcoin. XRP may face resistance at the FVG lower limit at $0.5970 and the psychologically important $0.60 level.

The Relative Strength Index (RSI) reads 53.07, above the neutral level.

xrp

XRP/USDT Daily Chart

XRP could increase support in FVG between $0.5188 and $0.5785.

Frequently asked questions about Bitcoin, altcoins, stablecoins

Bitcoin is the largest cryptocurrency by market capitalization, a virtual currency designed to serve as money. This form of payment cannot be controlled by any person, group or entity, which eliminates the need for third parties to participate during financial transactions.

Altcoins are any cryptocurrency other than Bitcoin, but some consider Ethereum a non-altcoin because it is from these two cryptocurrencies that the fork occurs. If this is true, then Litecoin is the first altcoin, forked from the Bitcoin protocol and therefore an “improved” version of it.

Stablecoins are cryptocurrencies designed to have a stable price, with their value backed by a reserve of the asset they represent. To achieve this, the value of any stablecoin is tied to a commodity or financial instrument, such as the US dollar (USD), with its supply regulated by an algorithm or demand. The main purpose of stablecoins is to provide an on/off ramp for investors who want to trade and invest in cryptocurrencies. Stablecoins also allow investors to store value, as cryptocurrencies in general are subject to volatility.

Bitcoin dominance is the ratio of Bitcoin’s market cap to the total market cap of all cryptocurrencies combined. It provides a clear picture of Bitcoin interest among investors. A high dominance of BTC usually occurs before and during a bull run, where investors resort to investing in relatively stable and high market capitalization cryptocurrencies such as Bitcoin. A decline in BTC dominance usually means that investors move their capital and/or profits to altcoins in search of higher returns, which usually triggers a burst of altcoin rallies.

VaselineAugust 19, 2024

0 2 minutes read

Daily Market Reasons: Ripple reports reveal big drop in transactions, drop in revenue collected

Technical Analysis: XRP Extends Gains Nearly 4%

Frequently asked questions about Bitcoin, altcoins, stablecoins

Vaseline

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