{"id":633146,"date":"2024-08-06T00:02:13","date_gmt":"2024-08-06T00:02:13","guid":{"rendered":"https:\/\/wncen.com\/?p=633146"},"modified":"2024-08-05T10:54:33","modified_gmt":"2024-08-05T10:54:33","slug":"xrp-ledger-xrp-price-to-0-2","status":"publish","type":"post","link":"https:\/\/wncen.com\/analysis\/xrp\/xrp-ledger-xrp-price-to-0-2\/","title":{"rendered":"XRP Ledger Sees Sharp Decline In Major Metric That Threatens To Send XRP Price To $0.2"},"content":{"rendered":"

Ripple\u2019s Q2 2024 market report<\/span><\/a> recently highlighted a decline in a crucial on-chain metric that could significantly impact the <\/span>the XRP price<\/span><\/a>. This decline in network activity and several other factors threaten to send the crypto token to new lows soon enough.\u00a0<\/span><\/p>\n

XRP Records Decline In On-chain Transactions<\/h2>\n

According to the <\/span>report<\/span><\/a>, on-chain transactions on the <\/span>XRP Ledger (XRPL)<\/span><\/a> declined by 65.6% in the second quarter of 2024. 86.38 million transactions were recorded during this period, compared to 251.39 million in the first quarter of this year. A drop in the network activity is significant as it highlights investors’ sentiment towards the XRP ecosystem.\u00a0<\/span><\/p>\n

Related Reading: Wondering When To Buy Bitcoin? Here Are The Levels To Watch<\/a><\/div>\n

This decline in network activity can also negatively impact <\/span>the XRP price<\/span><\/a>, especially if this trend continues in the third quarter of the year. A plausible explanation for the decline in on-chain transactions for the XRPL in the second quarter is XRP\u2019s underperformance in the first quarter of the year.\u00a0<\/span><\/p>\n

High expectations for XRP<\/span><\/a> heading into the new year may have prompted investors to increase their exposure to the crypto, which led to the highs in network activity recorded in the first quarter. However, these investors may have had a rethink as XRP failed to reach new highs even when Bitcoin hit a <\/span>new all-time high (ATH)<\/span><\/a>, leading to a decline in network activity in the second quarter.\u00a0<\/span><\/p>\n

The silver lining is that XRP investors have regained their bullish sentiment towards XRP, leading to increased network activity. Bitcoinist <\/span>recently reported<\/span><\/a> a spike in new addresses and the number of addresses interacting on the XRPL, with these metrics reaching their highest levels since March earlier this year.\u00a0<\/span><\/p>\n

The revived bullish sentiment among XRP investors is mainly thanks to the belief that the <\/span>lawsuit<\/span><\/a> between the <\/span>US Securities and Exchange Commission (SEC)<\/span><\/a> and Ripple could end soon, presenting a bullish outlook for XRP\u2019s price. However, if that doesn\u2019t happen soon enough, XRP is at risk of witnessing a significant price decline as activity on the XRPL drops.<\/span><\/p>\n

Other Factors That Could Contribute To A Crash For The XRP Price<\/h2>\n

The <\/span>bearish sentiment<\/span><\/a> in the broader crypto market is another factor that could contribute to massive price declines for XRP. Bitcoin is currently struggling to <\/span>hold above $50,000<\/span><\/a>, and the flagship crypto could send altcoins like XRP crashing if it continues to drop to new lows. XRP is also well-placed to be among the altcoins that will be most affected, seeing how the crypto token has so far reacted to <\/span>Bitcoin\u2019s recent crash below $60,000<\/span><\/a>.\u00a0<\/span><\/p>\n

Related Reading: Crypto Market Liquidations Top $197 Million As Bitcoin Price Plunges Below $60,000<\/a><\/div>\n

The conclusion of the lawsuit between the SEC and Ripple could also negatively impact XRP\u2019s price if the remedies awarded against the crypto firm align with the Commission\u2019s proposed remedies. The SEC has <\/span>asked<\/span><\/a> Judge Analisa to award a fine of $102.6 million against Ripple, which is way above the $10 million that the crypto firm proposed.\u00a0<\/span><\/p>\n

At the time of writing, XRP is trading at around $0.46, down over 16% in the last 24 hours, according to <\/span>data<\/span><\/a> from CoinMarketCap.\u00a0<\/span><\/p>\n

\"XRP
XRP price remains low | Source: XRPUSDT on Tradingview.com<\/a><\/figcaption><\/figure>\n
Featured image created with Dall.E, chart from Tradingview.com<\/div>\n","protected":false},"excerpt":{"rendered":"

Ripple\u2019s Q2 2024 market report recently highlighted a decline in a crucial on-chain metric that could significantly impact the the XRP price. This decline in network activity and several other factors threaten to send the crypto token to new lows soon enough.\u00a0 XRP Records Decline In On-chain Transactions According to the report, on-chain transactions on the XRP Ledger (XRPL) declined by 65.6% in the second quarter of 2024. 86.38 million transactions were recorded during this period, compared to 251.39 million in the first quarter of this year. A drop in the network activity is significant as it highlights investors’ sentiment towards the XRP ecosystem.\u00a0 Related Reading: Wondering When To Buy Bitcoin? Here Are The Levels To Watch This decline in network activity can also negatively impact the XRP price, especially if this trend continues in the third quarter of the year. A plausible explanation for the decline in on-chain transactions for the XRPL in the second quarter is XRP\u2019s underperformance in the first quarter of the year.\u00a0 High expectations for XRP heading into the new year may have prompted investors to increase their exposure to the crypto, which led to the highs in network activity recorded in the first quarter. However, these investors may have had a rethink as XRP failed to reach new highs even when Bitcoin hit a new all-time high (ATH), leading to a decline in network activity in the second quarter.\u00a0 The silver lining is that XRP investors have regained their bullish sentiment towards XRP, leading to increased network activity. Bitcoinist recently reported a spike in new addresses and the number of addresses interacting on the XRPL, with these metrics reaching their highest levels since March earlier this year.\u00a0 The revived bullish sentiment among XRP investors is mainly thanks to the belief that the lawsuit between the US Securities and Exchange Commission (SEC) and Ripple could end soon, presenting a bullish outlook for XRP\u2019s price. However, if that doesn\u2019t happen soon enough, XRP is at risk of witnessing a significant price decline as activity on the XRPL drops. Other Factors That Could Contribute To A Crash For The XRP Price The bearish sentiment in the broader crypto market is another factor that could contribute to massive price declines for XRP. Bitcoin is currently struggling to hold above $50,000, and the flagship crypto could send altcoins like XRP crashing if it continues to drop to new lows. XRP is also well-placed to be among the altcoins that will be most affected, seeing how the crypto token has so far reacted to Bitcoin\u2019s recent crash below $60,000.\u00a0 Related Reading: Crypto Market Liquidations Top $197 Million As Bitcoin Price Plunges Below $60,000 The conclusion of the lawsuit between the SEC and Ripple could also negatively impact XRP\u2019s price if the remedies awarded against the crypto firm align with the Commission\u2019s proposed remedies. The SEC has asked Judge Analisa to award a fine of $102.6 million against Ripple, which is way above the $10 million that the crypto firm proposed.\u00a0 At the time of writing, XRP is trading at around $0.46, down over 16% in the last 24 hours, according to data from CoinMarketCap.\u00a0 Featured image created with Dall.E, chart from Tradingview.com<\/p>\n","protected":false},"author":594,"featured_media":633200,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[83363],"tags":[3680,17209,4531,84758,89991,83637,13172,10972,78763],"class_list":["post-633146","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-xrp","tag-ripple","tag-ripple-news","tag-xrp","tag-xrp-ledger","tag-xrp-ledger-news","tag-xrp-news","tag-xrp-price","tag-xrpusd","tag-xrpusdt"],"acf":[],"yoast_head":"\nXRP Ledger Sees 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Having witnessed the evolving landscape of the crypto world firsthand, Scott is able to dissect complex crypto topics and present them in an accessible and engaging manner. Scott's dedication to clarity and accuracy has made him an indispensable asset, helping to demystify the complex world of cryptocurrency for countless readers. Scott\u2019s experience spans a number of industries outside of crypto including banking and investment. He has brought his vast experience from these industries into crypto, which allows him to understand even the most complex topics and break them down in a way that is easy for readers from all works of life to understand. Scott\u2019s pieces have helped to break down cryptocurrency processes and how they work, as well as the underlying groundbreaking technology that makes them so important to everyday life. With years of experience in the crypto market, Scott began to focus on his true passion: writing. During this time, Scott has been able to author countless influential pieces that have drawn in millions of readers and have shaped public opinion across various important topics. His repertoire spans hundreds of articles on various sectors in the crypto industry, including decentralized finance (DeFi), decentralized exchanges (DEXes), Staking, Liquid Staking, emerging technologies, and non-fungible tokens (NFTs), among others. Scott\u2019s influence is not just limited to the countless discussions that his publications have sparked but also as a consultant for major projects in the space. He has consulted on issues ranging from crypto regulations to new technology deployment. Scott\u2019s expertise also spans community building and contributes to a number of causes to further the development of the crypto industry. Scott is an advocate for sustainable practices within the crypto industry and has championed discussions around green blockchain solutions. His ability to keep in line with market trends has made his work a favorite among crypto investors. In his personal life, Scott is an avid traveler and his exposure to the world and various way of life has helped him to understand how important technologies like the blockchain and cryptocurrencies are. This has been key in his understanding of its global impact, as well as his ability to connect socio-economic developments to technological trends around the globe like no one else. Scott is known for his work in community education to help people understand crypto technology and how its existence impacts their lives. He is a well-respected figure in his community, known for his work in helping to enlighten and inspire the next generation as they channel their energies into pressing issues. His work is a testament to his dedication and commitment to education and innovation, as well as the promotion of ethical practices in the rapidly developing world of cryptocurrencies. Scott stands steady in the frontlines of the crypto revolution and is committed to helping to shape a future that promotes the development of technology in an ethical manner that translates to the benefit of all in the society.","sameAs":["https:\/\/x.com\/https:\/\/twitter.com\/MathersonScott"],"url":"https:\/\/wncen.com\/author\/mathersonscott1\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"XRP Ledger Sees Sharp Decline In Major Metric That Threatens To Send XRP Price To $0.2","url":"http:\/\/wncen.com\/analysis\/xrp\/xrp-ledger-xrp-price-to-0-2\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/wncen.com\/analysis\/xrp\/xrp-ledger-xrp-price-to-0-2\/"},"thumbnailUrl":"https:\/\/wncen.com\/wp-content\/uploads\/2024\/08\/XRP-price-1.jpeg?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/wncen.com\/wp-content\/uploads\/2024\/08\/XRP-price-1.jpeg?fit=1024%2C1024"},"articleSection":"XRP","author":[{"@type":"Person","name":"Scott Matherson"}],"creator":["Scott Matherson"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/wncen.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["ripple","ripple news","xrp","xrp ledger","xrp ledger news","xrp news","xrp price","xrpusd","xrpusdt"],"dateCreated":"2024-08-06T00:02:13Z","datePublished":"2024-08-06T00:02:13Z","dateModified":"2024-08-06T00:02:13Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"XRP Ledger Sees Sharp Decline In Major Metric That Threatens To Send XRP Price To $0.2\",\"url\":\"http:\\\/\\\/wncen.com\\\/analysis\\\/xrp\\\/xrp-ledger-xrp-price-to-0-2\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/wncen.com\\\/analysis\\\/xrp\\\/xrp-ledger-xrp-price-to-0-2\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2024\\\/08\\\/XRP-price-1.jpeg?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2024\\\/08\\\/XRP-price-1.jpeg?fit=1024%2C1024\"},\"articleSection\":\"XRP\",\"author\":[{\"@type\":\"Person\",\"name\":\"Scott Matherson\"}],\"creator\":[\"Scott Matherson\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[\"ripple\",\"ripple news\",\"xrp\",\"xrp ledger\",\"xrp ledger news\",\"xrp news\",\"xrp price\",\"xrpusd\",\"xrpusdt\"],\"dateCreated\":\"2024-08-06T00:02:13Z\",\"datePublished\":\"2024-08-06T00:02:13Z\",\"dateModified\":\"2024-08-06T00:02:13Z\"}<\/script>","tracker_url":"https:\/\/cdn.parsely.com\/keys\/wncen.com\/p.js"},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/wncen.com\/wp-content\/uploads\/2024\/08\/XRP-price-1.jpeg?fit=1024%2C1024","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/633146"}],"collection":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/users\/594"}],"replies":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/comments?post=633146"}],"version-history":[{"count":0,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/633146\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media\/633200"}],"wp:attachment":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media?parent=633146"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/categories?post=633146"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/tags?post=633146"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}