- SBI-owned HashHub published reports on the status of Ripple’s enterprise blockchain business and the XRPLedger.
- XRPLedger transactions dropped to nearly a sixth of their prior value at the beginning of 2024, per research.
- XRP extends gains by nearly 4% on Monday, trades at $0.5833 at the time of writing.
Ripple (XRP) trades at $0.5833 on Monday as the altcoin extends gains and recovers from the crypto market crash in early August. The Ripple stablecoin announcement, the Securities & Exchange Commission (SEC) vs. Ripple lawsuit ruling and recent research reports published by SBI-owned HashHub are the key market movers for the altcoin this week.
Daily digest market movers: Ripple reports reveal big drop in transactions, decline in revenue collected
- SBI-owned HashHub published two research reports on the current status of Ripple’s enterprise blockchain business and the XRP Ledger economy on August 17.
- The reports outline key facts on XRP Ledger’s performance in the first two quarters of 2024.
- The total transaction count on XRP Ledger dropped to a sixth of what was observed in the beginning of 2024.
XRPLedger transactions count/day
- Accounts created and active accounts noted a decline, per HashHub data.
Accounts created and active
- The XRPLedger has 3,724 fungible tokens and 5,988,017 NFTs issued on XRPL, with a combined market capitalization of $135.63 million, issued on the chain, at the time of research. Of this, the top three tokens are:
- Sologenic (SOLO): $44.4M market cap, 228,600 holders
- CasinoCoin (CSC): $24.6M market cap, 29,300 holders
- Coreum (CORE): $12.4M market cap, 52,500 holders
Technical analysis: XRP extends gains by nearly 4%
XRP could extend gains and target the upper boundary of the Fair Value Gap (FVG) at $0.6217, a 7.14% gain for the altcoin. XRP could face resistance at the lower boundary of the FVG at $0.5970 and the psychologically important $0.60 level.
The Relative Strength Index (RSI) reads 53.07, above the neutral level.
XRP/USDT daily chart
XRP could sweep support in the FVG between $0.5188 and $0.5785.
Bitcoin, altcoins, stablecoins FAQs
Bitcoin is the largest cryptocurrency by market capitalization, a virtual currency designed to serve as money. This form of payment cannot be controlled by any one person, group, or entity, which eliminates the need for third-party participation during financial transactions.
Altcoins are any cryptocurrency apart from Bitcoin, but some also regard Ethereum as a non-altcoin because it is from these two cryptocurrencies that forking happens. If this is true, then Litecoin is the first altcoin, forked from the Bitcoin protocol and, therefore, an “improved” version of it.
Stablecoins are cryptocurrencies designed to have a stable price, with their value backed by a reserve of the asset it represents. To achieve this, the value of any one stablecoin is pegged to a commodity or financial instrument, such as the US Dollar (USD), with its supply regulated by an algorithm or demand. The main goal of stablecoins is to provide an on/off-ramp for investors willing to trade and invest in cryptocurrencies. Stablecoins also allow investors to store value since cryptocurrencies, in general, are subject to volatility.
Bitcoin dominance is the ratio of Bitcoin’s market capitalization to the total market capitalization of all cryptocurrencies combined. It provides a clear picture of Bitcoin’s interest among investors. A high BTC dominance typically happens before and during a bull run, in which investors resort to investing in relatively stable and high market capitalization cryptocurrency like Bitcoin. A drop in BTC dominance usually means that investors are moving their capital and/or profits to altcoins in a quest for higher returns, which usually triggers an explosion of altcoin rallies.
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