XRP’s price retreat, its chances for a comeback, and the revival of some important metrics. These are some of the main topics we will cover in the following lines.
The Resurgence of the XRP Ecosystem
Several key XRP-related metrics have experienced a substantial resurgence recently, indicating a growing demand for the asset and increased network activity.
Data shows that on September 22, the number of XRP payments from one account to another surpassed the milestone of one million for the first time since September 12.
The number of active accounts, the number of executed transactions, and the average number of transactions per ledger have also reached multi-week highs.
Meanwhile, the total number of active accounts on the XRP Ledger recently exceeded seven million. It is important to note that each of these wallets holds at least one XRP.
XRP Price at a Crossroads?
Despite the revival of the aforementioned metrics and the recently hit milestone, Ripple’s native token experienced a substantial pullback at the start of the business week. It tumbled to a two-week low of $2.78 before rebounding to $2.87 and slipping back to $2.81 as of press time.
According to the renowned analyst Ali Martinez, XRP has a chance to spike back to $3.60 as long as it holds above the $2.71 level.
He also revealed that whales have used the correction as an opportunity to scoop up 30 million tokens in the last 24 hours. Such accumulations reduce the circulating supply of XRP and could trigger a price spike (assuming demand doesn’t diminish). The actions of large investors are also closely monitored by retail investors, who may be encouraged to hop on the bandwagon.
Additionally, XRP’s Relative Strength Index (RSI) recently dropped to a three-month low, indicating the asset may be oversold and poised for a renewed price rally.
Ripple’s Latest Partnership
Just recently, the company behind XRP shook hands with Securitize to announce a smart contract that would allow holders of BlackRock’s BUIDL and VanEck’s VBILL to exchange their shares to Ripple for the stablecoin RLUSD.
“BlackRock’s USD Institutional Digital Liquidity Fund (“BUIDL”) and VanEck’s Treasury Fund, Ltd. (“VBILL”) represent both firms’ first tokenized funds issued on public blockchains,” the official announcement clarified.
This development marks the first inclusion of Ripple’s stablecoin into Securitize’s platform. Additionally, the latter intends to integrate with the XRP Ledger (XRPL) to expand access and bring new utility to the ecosystem. Speaking on the matter was Carlos Domingo, co-founder and CEO of Securitize:
“Partnering with Ripple to integrate RLUSD into our tokenization infrastructure is a major step forward in automating liquidity for tokenized assets. Together, we’re delivering real-time settlement and programmable liquidity across a new class of compliant, on-chain investment products – bringing the full potential of blockchain to institutional finance.”
Ripple’s CEO Ties the Knot
Although not related to Ripple’s recent advancements or XRP’s price performance, it may be interesting to note that the company’s chief executive officer, Brad Garlinghouse, got married over the weekend to Tara Milsti. The American posted a picture of the event on his X account, which appears to have been quite glamorous.
X user JackTheRippler revealed that it took place at the Hotel du Cap-Eden-Roc, a historic luxury resort on the French Riviera. Among the celebrity guests were actors Zac Efron and Nina Dobrev, while Coldplay’s frontman Chris Martin gave a special performance.
Well-known names in the crypto industry sent their best wishes to the couple. Some of those include Cardano’s Charles Hoskinson, Gemini’s Tyler Winklevoss, and numerous members of the XRP community.
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