Despite continuing legal troubles, blockchain company Ripple recorded impressive growth and achieved several milestones in the first quarter of 2024.
According to the results report Ripple announced on May 17 that XRP spot trading volume jumped 40% from Q4 2023 to reach $865 million in Q1 2024. The average daily open interest for XRP derivatives also increased, increasing from $460 million in Q4 2023 to $500 million.
On-chain transactions increased by 108% to 251,397,881 from 121,031,713 in the previous quarter. Furthermore, XRP burned for transaction fees increased by 101% from 317,271 in Q4 2023 to 636,184 in Q1 2024.
These results could highlight the strength of Ripple’s underlying business, despite the company’s legal battle with the Securities and Exchange Commission (SEC). These positive indicators can impact XRP’s valuation and potentially affect its price trajectory.
Currently, XRP maintains the $0.50 support zone and remains primarily in the sub-$0.60 consolidation zone. Investors are keenly eyeing any catalyst that could help the token rise to the coveted $1 mark.
XRP price prediction
When considering XRP price predictions, Finbold referenced the following information: coin codex A tool that uses AI-powered machine learning algorithms for price prediction.
According to data obtained on May 18th, the tool shows bullish momentum for XRP and is likely to trade at $0.66 by May 31st, which is more than 26% from XRP’s current price. It was predicted that this would show an increase in the amount of
On the other hand, cryptocurrency analysts egrag cipher Posted in X on May 18th post XRP is poised to maintain its bullish momentum in the coming days. According to the analyst, XRP is facing a “final awakening line” in July 2023, where the token broke out but failed to reach the expected heights.
Trading experts highlighted new developments. It is a white triangle pattern that incorporates the 2021 high and introduces a “real wake-up line.” As a result, experts predicted a breakout around $1.50, with a more ambitious target of $7.50.
XRP price analysis
In the short term, XRP is experiencing bearish sentiment, correcting almost 1% in the past 24 hours and trading at $0.52 at the time of writing. However, on the weekly chart, XRP is up 3%.
Overall, XRP can sustain our bullish forecast by breaking above the $0.50 support zone.
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