According to a recent report released by Ripple in its Q4 2023 XRP Market Report, the daily trading volume of XRP has increased significantly, reaching approximately $600 million this quarter. According to the report, this surge represents a growth of 75-100% compared to the volume decline observed in the third quarter.
In particular, the Ripple report suggests a revitalized investor interest and market activity in altcoins, representing a notable change compared to previous quarters’ performance.
Ripple’s XRP holdings and other cryptocurrencies in the fourth quarter of 2023
Ripple’s fourth quarter report also provided insight into the company’s XRP holdings. As of September 30, 2023, Ripple’s total XRP holdings are over 5.25 billion stored in wallets, with another 41.3 billion XRP held in ledger escrow.
However, by the end of December 2023, Ripple’s wallet holdings had decreased slightly to approximately 5.08 billion of these tokens, and XRP in ledger escrow had also decreased to approximately 40.7 billion.
According to the report, Ripple’s access to escrowed XRP will be restricted until scheduled monthly releases occur. This is a mechanism that ensures the controlled release of tokens into the market.
Meanwhile, the Ripple Markets report shows that in addition to the surge in trading volume for XRP, other major cryptocurrencies such as Bitcoin (BTC) and Ethereum (ETH) have also seen significant increases in trading volume.
BTC trading volume increased 88% quarter-on-quarter (QoQ), while ETH recorded a 140% increase over the same period. These trends indicate a broader recovery and optimistic mood across cryptocurrency markets during the quarter.
XRP’s Market Performance and Future Outlook
Despite the recent surge in trading volume, the market price of XRP has shown mixed trends. In the fourth quarter of 2023, the altcoin was trading above $0.60, but recent price action currently indicates a downward trend, hovering just above $0.50.
Although it rose 3.7% last week and 2.2% the day before, the asset is currently trading around $0.52.
Nonetheless, the community and analysts remain optimistic about its future potential. Crypto analyst Jaydee recently pointed out historical patterns that suggest a parabolic move for XRP is imminent. According to Jaydee, the altcoin is currently testing a 10-year trend line similar to previous instances that resulted in significant price increases.
#XRP – The last two times we tested the 10-year trend line. $XRP 39 times – 650 times the price in one year! We are currently testing multi-year trend lines!
Can we break the trend line and finally break the structure?! Don’t know “what you have.” 🤦♂️🤣We take “calculated profits”!
RT/I like the update!… pic.twitter.com/flIQcDh4Ls
– JD 🇵🇭 (@jaydee_757) February 3, 2024
Additionally, another analyst Crypto Patel shared his predictions, highlighting the potential for XRP to shine, go parabolic and parallel past market trends.
Patel also mentioned legal developments involving Ripple and the U.S. Securities and Exchange Commission (SEC), suggesting that Ripple’s recent legal victory could open the way for a breakout for XRP in the next bull market.
Analysts noted certain chart patterns in 2017 that preceded the massive rally in altcoins. If this trend repeats, the asset could witness a ‘massive’ surge, potentially pushing it past $10, posits Patel.
🔥 Is it finally XRP’s time to shine? Will it reach $10?
🔹The Last Bull #XRP While they continued to fight, they performed seriously poorly. #secretary
🔹 BTC hits new highs, but XRP fails to pass $3.30 ATH in 2017.But now that the SEC lawsuit has been won, the floodgates may finally be opening!
🔹 Similar… pic.twitter.com/joWLvBnadp— Crypto Patel (@CryptoPatel) February 7, 2024
Featured image by Unsplash, chart by TradingView
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