XRP Ledger Usage Expands Beyond Cross-Border Payments, Now 50% of Transactions Are Offer Creations: CryptoQuant

The XRP Ledger, developed by Ripple, is being used for more than just cross-border payments, according to CryptoQuant.

The XRP Ledger (XRPL), created by Ripple, is expanding its use cases beyond cross-border payments, a development highlighted by data from CryptoQuant.

At the start of the year, 88% of XRPL transactions were payments, while 12% were "OfferCreate Transactions," as per a CryptoQuant post by "maartunn." However, both types of transactions now account for 50%, indicating a significant increase in transactions focused on other features.

As trading activity on XRPL surges, it's evident that crypto market participants are now more interested in the network's ability to issue new assets and integrate decentralized exchange (DEX) functions.

The analyst also noted that more users are employing the XRP Ledger for "complex strategies," which could lead to a rise in XRP accumulation.

notably, Ripple's RLUSD stablecoin will be launched on both the XRP Ledger and the Ethereum blockchain. Both networks will soon begin testing the stablecoin, which will involve the minting and burning of new tokens.

XRP Price Retests $0.50 Level

According to CoinMarketCap, XRP is trading at $0.5128 after losing the $0.6 price region in October. The digital asset is down a massive 86.65% from its all-time high of $3.84.

Over the past 30 days, the altcoin has declined by 2.11%, and since November 2023, it has dropped by 15.18%.

The Relative Strength Index (RSI) for XRP price action is at 41.15, indicating that the bears are currently in control of the altcoin's price action. The gradient of the line suggests that sluggish movement of prices might continue in the near future.

The legal troubles faced by Ripple, which began in December 2020, have had a substantial impact on XRP's price performance. The company was sued by the U.S. Securities and Exchange Commission (SEC) for allegedly conducting an illegal $1.3 billion securities offering.

The case has dragged on for over two years, with both parties filing motions to dismiss the case and arguing over the status of XRP as a security. The outcome of the lawsuit will be closely watched by the crypto community, as it could have significant implications for the regulation of digital assets in the United States.

This article provides only general and informational material and does not constitute financial advice or other advice. Coin Edition is not responsible for any losses incurred as a result of the utilization of content, products, or services mentioned. Before making any action connected to the firm, readers are urged to conduct their own independent research and consult the appropriate financial advisor.