On July 8, the Ripple Network (XRP) experienced a notable increase in adoption, marking its highest daily transaction count since February.
This surge in user activity propelled XRP’s daily trading volume to over $1 billion.
Data from the XRP Ledger indicated a significant uptick, with 2.3 million successful transactions recorded on July 8, a 15% rise from the previous day’s 2 million transactions.
This spike reflects a 97% increase in daily transaction count since the beginning of July.
The heightened demand positively impacted XRP’s market performance, with its trading volume peaking at $1.5 billion.
At the time of writing XRP is trading at $0.4347, down nearly 1.3% in the last 24 hours, accompanied by a slight decrease in trading volume.
Bearish sentiment persists in the XRP market, as the altcoin has declined by 10.5% over the past week.
Currently, XRP’s Parabolic SAR indicator suggests a downward trend continuation, potentially leading to a further decline to $0.41.
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Ripple, a prominent fintech company known for its ongoing innovations and partnerships, has struggled to reflect its growth in the price of its cryptocurrency, XRP, over the past seven years.
Ethereum (ETH), the leading altcoin, has been underperforming compared to Bitcoin (BTC) since the start of 2024, disappointing many investors.
BNB Chain has announced a major update designed to enhance its stablecoin infrastructure by introducing gasless transactions.