XRP gains as First Ledger protocol pushes Ripple’s newly-issued tokens to an all-time high
- XRP trades above $0.53, gains over 1% on Thursday.
- Ripple’s XRP Ledger hit an all-time high in the number of tokens issued on the chain.
- XRP could gain nearly 5% and target the $0.5550 level.
Ripple (XRP) trades at $0.5312 at the time of writing. The native token of the XRP Ledger gained 1.05% on Thursday. Data from crypto intelligence tracker Santiment shows that Ripple hit a new all-time high in terms of a key metric — the number of tokens issued on the chain.
Daily Digest Market Movers: XRP Ledger notes massive spike in number of new tokens on the chain
- XRP Ledger hit an all-time high for the number of new tokens issued in a single day. That figure reached 213 on October 17. This marks a 200% increase from the previous record set in October 2021.
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Daily new XRPL assets issued (XRP)
- The increase in the number of tokens issued can be attributed to the launch of First Ledger, a project that enables traders to trade tokens on the chain in a faster manner through Telegram.
.@First_Ledger broke XRP Ledger's ATH for new issued tokens per day, dwarfing the peak of the 2021 token craze by magnitudes. pic.twitter.com/g2pcneLnwT
— Vet ☠️ (@Vet_X0) October 24, 2024
- The protocol’s launch has pushed the number of tokens on the Ledger to a peak. Since then, it dropped to 12 on Thursday.
- A key market mover influencing XRP price is the Securities & Exchange Commission’s (SEC) appeal against the final ruling in the Ripple lawsuit.
- The payment remittance firm is set to submit Form C by the upcoming deadline of October 24. A failure to file the required document by midnight Eastern Standard Time would mean there will be no further oral arguments.
Technical analysis: XRP eyes 5% gain
XRP is in a downward trend since its peak of $0.7440 on March 11. Technical indicators, such as the Moving Average Convergence Divergence (MACD) and the Relative Strength Index (RSI), signal the potential for gain in the altcoin’s price.
The green histogram bars on the MACD and the upward sloping RSI at 43, under the neutral level, support the thesis for XRP price gain.
The native token of the XRP Ledger could rally nearly 5% and test resistance at $0.5550, a level that coincides with the Exponential Moving Averages (EMAs).
XRP/USDT daily chart
A daily candlestick close under the psychologically important $0.5000 level could invalidate the bullish thesis. XRP might then sweep liquidity at $0.4780, a key support level for the altcoin.
Bitcoin, altcoins, stablecoins FAQs
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 one person, group, or entity, which eliminates the need for third-party participation during financial transactions.
Altcoins are any cryptocurrency apart from Bitcoin, but some also regard Ethereum as a non-altcoin because it is from these two cryptocurrencies that forking happens. 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 it represents. To achieve this, the value of any one stablecoin is pegged to a commodity or financial instrument, such as the US Dollar (USD), with its supply regulated by an algorithm or demand. The main goal of stablecoins is to provide an on/off-ramp for investors willing to trade and invest in cryptocurrencies. Stablecoins also allow investors to store value since cryptocurrencies, in general, are subject to volatility.
Bitcoin dominance is the ratio of Bitcoin's market capitalization to the total market capitalization of all cryptocurrencies combined. It provides a clear picture of Bitcoin’s interest among investors. A high BTC dominance typically happens before and during a bull run, in which investors resort to investing in relatively stable and high market capitalization cryptocurrency like Bitcoin. A drop in BTC dominance usually means that investors are moving their capital and/or profits to altcoins in a quest for higher returns, which usually triggers an explosion of altcoin rallies.
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