What to Know:
- XRP’s on-chain activity has recently seen a notable increase, potentially signaling renewed interest.
- The amount of XRP burned as fees has risen, indicating higher network transaction activity.
- Increased institutional demand, possibly driven by the launch of new XRP ETFs, may be influencing these trends.
XRP is drawing significant attention due to its price volatility and recent ETF launches, leading to a noticeable increase in on-chain activity. Data from XRPSCAN reveals a 33.9% increase in XRP tokens burned as fees as of November 21, suggesting a potentially bullish outlook amid market uncertainty. This uptick has sparked discussions about XRP’s future trajectory.
The recent surge in XRP burn rate, from 604 tokens to 808.8 tokens, typically reflects increased network-wide transaction activity. This suggests more users are actively engaging with the XRP blockchain. Despite XRP’s ongoing correction phase, this on-chain activity hints at a possible recovery.
The launch of the Bitwise XRP ETF has generated considerable excitement within the XRP ecosystem. The ETF launch recorded a first-day inflow of over $107 million. This activity suggests growing institutional interest in XRP.
With expectations of more XRP ETFs launching soon, the rising network activity is boosting confidence in the XRP ecosystem. The increase in XRP burn rate may signal a potential price retracement, correlating with surging institutional demand. This could indicate a positive shift for XRP’s market performance.
In conclusion, the increased on-chain activity and rising burn rate, potentially fueled by new XRP ETFs, suggest a renewed interest in XRP. While the market remains volatile, these factors could signal a positive trend for XRP’s future performance.
Source: Original article
