The XRP Ledger saw increased DEX volumes and AMM deposits but the sentiment behind the token remains lukewarm.
was still in a consolidation phase. The price clung to the $0.52 support level, and whale activity did little to push prices higher.In other news, Elon Musk, CEO and Founder of Tesla and SpaceX and owner of X was asked aboutThe daily XRP price chart was not bullish. The market structure was strongly bearish, and the sharp price drop in early October left behind a large imbalance to the north.
Therefore, though XRP is expected to bounce toward the local highs at $0.62-$0.66 next, there would be significant selling pressure., Marketing Manager at Catalyze Research, noted that the XRP Ledger had a daily transaction volume comparable to Layer 1 networks.The decentralized exchange activity metrics showed the number of trades dropped by 6.83%, from 6.88 million to 6.41 million. Even so, the DEX volume went up by 17.64% to $4.6 million.
The strong rise in AMMDeposit and AMMCreate reflected a rise in liquidity deposits and is a sign of escalating confidence. The transaction count trended higher from the 7th to the 20th of October but has begun to falter. The rapid network growth is particularly encouraging because it could spur demand.
This could help the token’s bulls defend the key support level at $0.52. However, based on the price action, a sweep of the $0.508 zone might be necessary before a rally toward $0.62.Akashnath Sumukar works as a Senior Journalist at AMBCrypto. Based in Chennai, India, he has been an avid follower of the cryptocurrency market since Bitcoin’s boom and bust cycle of 2017. A graduate in Chemical Engineering, he is an expert in technical analysis.
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