Ripple News: The Most Traded Altcoin: XRP Outpaces Competitors by 4x, Reveals Kaiko Data
XRP, a cryptocurrency, has been remarkably stable at around $0.50 despite market ups and downs. Technical analysis indicates two significant resistance levels: one at $0.5027 (the 50-day EMA) and another at $0.505.
Data from Kaiko, which tracks cryptocurrency trading, shows that XRP had an impressive average trading volume of $462 million last month. This is much higher than other similar digital currencies. XRP is said to be a low-volatile asset and as of now, it showing resilience despite the SEC beating. While Solana’s trading average was only $128 million.
Pull-Up Factors for XRP Breakthrough
With the fear of XRP bottoming out at $0.50, it is still freezing some serious frenzy for the XRP community. There is no doubt that the core reason behind XRP’s strength is its practical use. It’s not just a digital currency; it’s designed to make international money transfers faster and cheaper. This makes it attractive to financial institutions looking for efficient cross-border transactions.
Additionally, XRP is the 5th largest coin and most traded in August 2023 and is backed by some really dedicated community of supporters. This kind of loyal following can lead to consistent trading activity, even when the overall market is not performing well. Bitcoin, Ether, and Cardano all are struck somewhere in the bear cycle and things will improve only after the trend reversal in mid-October if ETFs are approved.
Despite regulatory scrutiny over the past few years, XRP has emerged resilient, with many investors viewing regulatory oversight as a mark of legitimacy. Projections indicate that XRP could reach $10 by the end of 2023.
Floating High on Update? Is XRP Boom Possible?
Looking ahead, there’s anticipation for an update to XRP, version 1.12.0. This update will introduce two important features: the XLS-30 Automated Market Maker (AMM) and the XLS-39 Clawback specification. These changes aim to enhance returns for liquidity providers and reduce risks associated with market volatility. This could be a game changer for XRP bringing some new investors on the horizon.
The XLS-30 developed by Ripple’s CTO David Schwartz and Aanchal Malhotra, Head of Research at RippleX, aims to help liquidity providers in Automated Market Makers (AMMs) earn more while reducing risks from price swings. It makes participating in AMMs safer and more profitable.
Hence it is clear that XRP is not just surviving; it’s thriving. Its remarkable trading volume, stability, and upcoming improvements set it apart in the crypto space. While other digital currencies may be struggling, XRP is leading the way and shows no signs of slowing down.