- More than 14 million XRP have been burnt from circulation as demand for XRPL features escalates amidst the broad market stagnation.
- XRP fails to hold above the $2.1 support level as it plunges to $2.0 to find a resort at $1.96.
The XRP Ledger (XRPL) reaches another level after reaching 14 million XRP tokens burnt (all-time) and removed from circulation.
In the data displayed by XRPScan, 5.1 million transactions were processed in a single 24-hour period without any disruption. Meanwhile, analysts believe that this significant level underscores the rising demand for XRP and the ledger’s features as users attempt to leverage its low fees, fast settlement time, native tokenization support, etc.
Further exploring the activities on the XRPL, we found that the number of daily active addresses has recorded a massive jump to more than 290,000. Basically, this is an unimaginable growth from the average daily active addresses of 30,000 and 40,000 recorded some three months ago.
On a quarter-over-quarter basis, the daily active addresses are reported to have increased by 142%. The last time a similar scenario was spotted, XRP “printed” gains across all the major trading sessions. As indicated in our previous news brief, XRP active addresses increased by 620% in just a week in March.
Contributing to this milestone has been the huge demand for XRP by whales (wallets holding at least 1 million XRP). According to data, the number of wallets holding this amount of assets have exceeded 2,700. The last time new addition of whale wallets was recorded, XRP surged by 13% towards the resistance level at 2.4, as mentioned in our earlier discussion. However, the ongoing development has failed to fuel any substantial price growth.
XRP Price Analysis
At the time of writing, XRP was still trading below a crucial support level at $2.0 after declining by 2.2% in the last 24 hours, 6.8% in the last seven days, 13% in the last 30 days, 16% in the last 90 days, and 12% from year to date.
Analysts believe that this price action is getting close to a 200-day consolidation within the range of $1.90–$2.90. Interestingly, the asset has been trading sideways since its explosive run in November 2024. Its current 200-day consolidation cycle is showing a symmetrical triangle structure, which is almost like the one that preceded the 2017 breakout.
According to an analyst identified as XRPunkie, this triangle is now leading to a “serious breakout” towards $4. Fascinatingly, this coincides with our recent analysis which positioned the price at $5.5.
On May 20, another analyst called GalaxyBTC indicated that the asset is replicating a 2014-2017 move by breaking out and retesting a multiple descending trendlines.
A similar sentiment has been echoed by analyst Mikybull Crypto, who hinted that XRP is following a 2017 “playbook” on the three-week time frame. As noted in our earlier post, a validation of this trend could see XRP hitting $14 in the near term.
In the short term, analysts expect XRP to make a decisive move to $2.5 once it successfully holds above the $1.99 and $2.09 support range. As highlighted in our last analysis, breaking below this range could see XRP falling to $1.80 and subsequently to $1.6.
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