Ripple’s XRP Holdings And Other Crypto Volume In Q4 2023
Ripple’s Q4 report also provided insights into the company’s XRP holdings. As of September 30, 2023, Ripple’s total XRP holdings were more than 5.25 billion, stored in its wallets, plus another 41.3 billion XRP secured in on-ledger escrow.According to the report, Ripple’s access to the escrowed XRP is restricted until scheduled monthly releases occur, a mechanism that ensures the controlled release of tokens into the market.
Meanwhile, in addition to the surge in XRP’s trading volume, the Ripple markets report also revealed that other major cryptocurrencies, such as Bitcoin (BTC) and Ethereum (ETH), saw considerable increases in their trading volumes.XRP’s Market Performance And Future Outlook
Despite the recent surge in trading volume, XRP’s market price has shown varying trends. In the last quarter of 2023, the altcoin traded above $0.60, but as of the latest price action, it hovers just above $0.5, indicating a decline.Although there has been a 3.7% increase in the past week and a 2.2% rise in the past day, the asset is currently trading around $0.52.
Nevertheless, the community and analysts remain optimistic about its future potential. Crypto analyst Jaydee recently pointed out a historical pattern suggesting an imminent parabolic move for XRP. According to Jaydee, the altcoin is currently testing a 10-year trendline, similar to previous instances that led to significant price increases.
– Last two times we tested the 10-year trendline, 39x – 650x in price w/in a year! We are now testing multi-year trendline! Can we bounce off trendline to finally break structure?! Do NOT “KNOW WHAT YOU HOLD”, 🤦♂️🤣we taking “calculated profits!” RT/Like for updates!… — JD 🇵🇭 (@jaydee_757)
Additionally, Crypto Patel, another analyst, shared his forecast, emphasizing XRP’s potential to shine and go parabolic, drawing parallels to past market trends.
Patel also referred to the legal developments involving Ripple and the US Securities and Exchange Commission (SEC), suggesting that the recent legal victory for Ripple could open doors for XRP’s breakout in the next bull run. The analyst drew attention to a specific chart pattern from 2017 that preceded a massive rally for altcoin. If this trend repeats, Patel posits, the asset could witness an ‘extraordinary’ surge, potentially reaching over $10.🔥 Is This Finally XRP’s Time To SHINE, WIll hit $10 ?Featured image from Unsplash, Chart from TradingView🔹Last bull seriously underperformed while stuck fighting the
🔹 BTC hit new highs while XRP failed to pass 2017’s $3.30 ATHBut with the SEC case now won – the floodgates may finally BE OPEN!
— Crypto Patel (@CryptoPatel)
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