- At the time of writing, XRP is trading at $0.53, down 7.12% in the last 24 hours.
- If the price falls below $0.52 level, then it will likely test $0.46 support level.
In the Q2 of 2024, the transaction volume on the Ripple’s XRP Ledger (XRPL) dropped significantly, as reported in the latest XRP Report. The XRPL ecosystem is also seeing a similar drop, and it is part of a larger trend impacting key blockchain protocols. With a decline of 65.6% from the previous quarter, XRPL registered 86.39 million transactions in the Q2 of 2024. Notwithstanding this drop, the average network transaction cost jumped 168% to 0.00394 XRP.
By launching a dedicated website for the much-anticipated initiative, Ripple is moving closer to the introduction of its own stablecoin, Ripple USD (RLUSD). The stablecoin project is an initiative by Ripple that aims to facilitate instantaneous monetary transactions across borders.
In April, Ripple introduced its dollar-pegged stablecoin and positioned it as a project focused on regulatory compliance, as previously reported. Ripple eventually revealed the name of the stablecoin during the XRP Ledger Community Summit in Amsterdam in June.
Bears in Control
A trend of collapses was highlighted by the recent daily time frame of Ripple (XRP), with the most notable coming today—a dip of 7.12%. The price of XRP dropped from around $0.66 to about $0.53 level in recent times.
At the time of writing, XRP is trading at $0.53, down 7.12% in the last 24 hours as per data from CMC. Moreover, the trading volume is down by 21.85%. Overall, the price is down 12.15% in the last 7 days highlighting the ongoing bearish momentum.
If the price manages to go above $0.58 level, then it will likely climb further to test initial resistance level at $0.61. Conversely, if the price continues ongoing negative momentum and falls below $0.52 level, then it will likely test $0.46 support level.
