A recent report released by Ripple in its Q4 2023 XRP Markets Report revealed that XRP saw a substantial increase in daily trading volume, reaching approximately $600 million this quarter. According to the report, this increase represented a growth of 75-100% compared to the lower trading volumes observed in the third quarter.
Notably, the Ripple report suggests a rejuvenation in investor interest and market activity for the altcoin, marking a notable shift from the previous quarter’s performance.
Ripple’s XRP holdings and other crypto volume in Q4 2023
Ripple’s fourth quarter report also provided insight into the company’s XRP holdings. As of September 30, 2023, Ripple’s total XRP shares exceeded 5.25 billion stored in the wallet, plus another 41.3 billion XRP secured in on-ledger escrow.
However, by the end of December 2023, Ripple’s portfolios had fallen slightly to around 5.08 billion of this token, and XRP in on-ledger escrow had also fallen to around 40.7 billion.
According to the report, Ripple’s access to the escrow XRP is limited until scheduled monthly releases occur, a mechanism that ensures the controlled release of tokens into the market.
Meanwhile, in addition to the increase in XRP trading volume, the Ripple markets report also revealed that other major cryptocurrencies, such as Bitcoin (BTC) and Ethereum (ETH), saw their trading volumes increase significantly.
BTC volumes increased 88% quarter-on-quarter (QoQ), while ETH saw a 140% increase over the same period. These trends indicate a broader recovery and bullish sentiment in the crypto market during the quarter.
XRP’s market performance and future prospects
Despite the recent increase in trading volume, the market price of XRP has shown varying trends. In the last quarter of 2023, the altcoin traded above $0.60, but as of the latest price action it is hovering just above $0.5, indicating a decline.
Although there has been a 3.7% increase in the past week and a 2.2% increase 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 that indicates an upcoming parabolic move for XRP. According to Jaydee, the altcoin is currently testing a ten-year trend line, similar to previous cases that led to significant price increases.
#XRP – The last two times we tested the 10-year trend line, $XRP 39x – 650x in price per year! We are now testing a multi-year trend line!
Can we bounce off the trendline to finally break the structure?! “DON’T KNOW WHAT YOU HAVE”, 🤦♂️🤣we take “calculated profits!”
RT/Like for updates!… pic.twitter.com/flIQcDh4Ls
— JD 🇵🇭 (@jaydee_757) February 3, 2024
Additionally, Crypto Patel, another analyst, shared his prediction, highlighting XRP’s potential to shine and go parabolic, drawing parallels to past market trends.
Patel also referenced the legal developments surrounding Ripple and the US Securities and Exchange Commission (SEC), suggesting that the recent legal victory for Ripple could open doors for XRP’s breakthrough in the next bull run.
The analyst drew attention to a specific chart pattern from 2017 that preceded a huge altcoin rally. If this trend repeats, Patel argues, the asset could witness an “extraordinary” rise, potentially reaching more than $10.
🔥 Is this finally XRP’s time to shine, will it reach $10?
🔹Last bull #XRP severely underperformed while stuck fighting the #SEC
🔹 BTC reached new highs while XRP failed to pass 2017’s $3.30 ATHBut now that the SEC case has been won, the floodgates can finally OPEN!
🔹 Similar… pic.twitter.com/joWLvBnadp— Crypto Patel (@CryptoPatel) February 7, 2024
Featured image from Unsplash, chart from TradingView
Disclaimer: The article is for educational purposes only. It does not represent NewsBTC’s views on buying, selling or holding investments and of course investing involves risks. You are advised to conduct your own research before making any investment decisions. Use the information on this website entirely at your own risk.