As September 2023 unfolds, Ripple’s XRP, currently the fifth-largest cryptocurrency by market capitalization, is showing remarkable strides in its performance metrics. A recent analysis revealed significant surges across various key areas, namely, on-chain transaction volumes, circulating supply, and heightened developer activity.
Recently, the crypto analytics platform Santiment published a tweet offering key metrics on XRP’s impressive September performance:
🧑💻 #XRP is seeing major utility spikes to start the month. In addition to today's milestone highs in #onchain transaction volume (4.8B $XRP) and circulation (2.03B $XRP), the development activity for the 5th largest cap asset in #crypto is up big as well. https://t.co/AdWcrUun9n pic.twitter.com/QHQ6U8Q0J5
— Santiment (@santimentfeed) September 1, 2023
In the realm of on-chain transactions, XRP has achieved a seven-month high by recording a whopping 4.8 billion in volume. This is a milestone that not only highlights the asset’s growing adoption but also its scaling capabilities. As a digital payment protocol, XRP was designed for quick and inexpensive transactions, and this recent spike in transaction volume could signify a broader acceptance among users and institutional partners.
Additionally, the circulating supply of XRP has experienced a notable increase, reaching a substantial 2.03 billion coins. Circulating supply is a key metric that denotes the quantity of coins actively available in the market. An uptick in this number is frequently associated with heightened market activity, making the digital asset even more attractive to existing stakeholders and prospective investors.
The third area where XRP shows notable growth is the development activity. Development activity could be a reliable indicator of a cryptocurrency’s long-term viability. More development often means more features, better security, and improved usability, which could further drive adoption and increase the asset’s value over time. The recent uptick in development activity suggests that XRP is not only maintaining its technological edge but is also poised for future growth.
However, looking at today’s market, XRP price is experiencing a downfall and is below the $0.30 mark, with selling pressure continuing to remain intense. Currently, XRP/USD is at $0.4960, down 1.90% in the last 24 hours. The bearish trend is strong, and if the bearish trend continues further, the support level of $0.488 could be tested. However, if bulls make a comeback, a move above $0.50 could be seen.
To sum it up, XRP has begun the month of September on a high note, with significant increases in key performance metrics. The 4.8 billion on-chain transaction volume and 2.03 billion in circulating supply indicate growing investor interest and utility. Furthermore, the spike in development activity points to a vibrant and active community working to refine and expand upon XRP’s capabilities continually.
