More than 14 million $XRP coins have been burned.
From trading with increasing demand for XRPL features amid market stagnation.
$XRP failed to hold above the support level of $2.10, dropping to $2.00 to settle at $1.96.
XRP Ledger (XRPL) reached a new level after 14 million XRP tokens (a record) were burned and removed from circulation.
In the data presented by #XRPScan , 5.1 million transactions were processed within 24 hours without any interruption. Meanwhile, analysts believe that this significant level confirms the increasing demand for XRP and its features, as users seek to benefit from its low fees, quick settlement, support for native tokenization, and more.
Upon further research into XRPL activities, we found that the number of daily active addresses recorded a massive jump to over 290,000. Essentially, this represents incredible growth from the average daily active addresses of 30,000 to 40,000 recorded about three months ago.
On a quarterly basis, reports indicated that daily active addresses increased by 142%. The last time a similar scenario was observed, $XRP achieved gains in all major trading sessions. As shown in the previous news brief, active XRP addresses increased by 620% in just one week in March.
This achievement was contributed to by the tremendous demand for XRP from whales (wallets containing at least one million XRP). According to the data, the number of wallets holding this amount of assets exceeded 2,700. The last time a new addition was recorded for whale wallets, #XRP rose by 13% towards the resistance level at 2.4, as we mentioned in our previous discussion. However, ongoing development failed to support any significant price growth.
XRP Price Analysis
At the time of writing this report, the price of XRP was still trading below a critical support level of $2.00, after declining by 2.2% in the last 24 hours, 6.8% over the past seven days, 13% over the past thirty days, 16% over the past ninety days, and 12% since the beginning of the year.
Analysts believe that this price movement is approaching a 200-day price consolidation phase within a range of $1.90 - $2.90. Interestingly, the asset has been trading sideways since its massive surge in November 2024. The current 200-day consolidation cycle shows a symmetrical triangle structure, very similar to the structure that preceded the 2017 breakout.
According to an analyst known as #XRPunkie , this triangle is now leading to a "strong breakout" towards $4.00. Interestingly, this coincides with our recent analysis that set the price at $5.50.
On May 20, another analyst named G,alaxy,,BTC indicated that the asset is repeating its move during the 2014-2017 period by breaking multiple descending trend lines and retesting them.
Analyst Mikibol Crypto expressed a similar opinion, suggesting that #XRP is following an approach used in 2017 on the three-week timeframe. As we mentioned in our previous post, the realization of this trend could lead XRP to reach $14 in the near term.
In the short term, analysts expect XRP to achieve a critical rise to $2.50 once it stabilizes above the support range of $1.99 and $2.09. As we explained in our recent analysis, breaking this range could lead XRP to drop to $1.80, then to $1.60.