XRP Ledger Activity Surges: DEX Volume Tops $1 Billion
XRP Ledger Activity Surges With DEX Volume Exceeding $1 Billion in Q4 2024
The XRP Ledger, the blockchain technology behind the cryptocurrency XRP, has witnessed a significant surge in activity during the fourth quarter of 2024. The decentralized exchange (DEX) volume on the XRP Ledger has surpassed $1 billion, marking a remarkable milestone for the platform.
The surge in activity can be attributed to several factors, including the increasing adoption of XRP by both retail and institutional investors. The token has gained attention amid talks of expanding the U.S. crypto reserve beyond Bitcoin, with XRP emerging as a leading contender. Additionally, the extension of the 20% token purchase bonus for the new Ethereum-based crypto project Yeti Ouro (YETIO) has also contributed to the increased interest in the crypto space.
Technical indicators suggest that XRP could be on the verge of a breakout, with a rise in bullish momentum. The token recently surged past the median of its Bollinger Band, setting it up to test its upper Bollinger Band. If it hits this level, it will set a new high in this bull rally, with its current peak at $3.4, set just two weeks ago. This test of the upper Bollinger Band would confirm analysts’ expectation that the token’s bullish momentum since mid-January is sustainable over the next few weeks.
The XRP Preserves debate has spread to the American government, with key XRP leaders, including Ripple CEO Brad Garlinghouse, proposing that the Trump administration should also hold XRP alongside Bitcoin on the national reserves. This proposal has sparked heated debates, further fueling the interest in XRP.
Grayscale, a leading crypto asset manager, has filed for a spot XRP ETF with the NYSE. If approved by the SEC, the fund will be listed on the New York Stock Exchange. The successes of Bitcoin ETFs have led investors to altcoin products in an attempt to replicate inflows. XRP bulls reacted positively to the news, but wider crypto sideways trading hindered more gains.
XRP recorded slight gains after the announcement but lost gains following a bearish crypto market. At press time, the asset exchanges hands at $3.04, down 2% today and 3.6% in