CryptoQuant community analyst Maartunn shared data indicating that the XRP Ledger’s (XRPL) velocity has risen in the past few weeks amid heightened activity, suggesting growing utility within the network.
The velocity is calculated using the market capitalization of a cryptocurrency divided by its volume. Analyst Pointed Out A rapid increase in velocity is indicative of frequent usage. This could indicate an imminent price increase for XRP, he said.
XRPL’s velocity is approaching a resistance in a descending trendline, suggesting a growth in usage and potential price increase.
Notably, XRPL velocity growth follows XRP’s price leap since the outcome of the US elections. The token saw a remarkable climb from $0.5319 on Nov. 6 to peak at $2.82 on Dec. 3 — a 430% increase in less than a month.
According to the latest figures, despite the increased velocity of the transaction, the amount deposited on the blockchain is decreasing. It has fallen from $71.5 to $58 millions since the 16th December. The following are some of the most effective ways to increase your ROI: DefiLlama. This is a movement of nearly 20%.
XRPL’s total value locked is tied to the automated market maker (AMM) pools from the blockchain.
Open Eden also issued tokenized treasury notes worth $5 million, and these are now available for purchase on XRPL.
The latest developments to stimulate growth
RippleLabs, the company responsible for the XRPL. Recently launched RippleUSD (RLUSD), its stablecoin. Stablecoins will be created using the XRP Ledger, Ethereum and Ripple.
Ripple has launched a stablecoin that is pegged at the US dollar. This could encourage the growth of XRPL.
Growth could come from traditional companies tokenizing RWA on XRPL, since RLUSD would create a liquid stream. This was even stated in the stablecoin. Announcement.
Bitwise estimated that RWAs could be worth $3 trillion over the foreseeable.
Ripple was the first to try and address this part of the market. Partnership Archax will manage a money-market fund launched by abrdn. The XRPL could be used more and faster with these developments.
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