XRP, the sixth-largest cryptocurrency by market capitalization, has recorded significant gains in the first quarter of 2023.Despite a drop from its yearly high of $0.590, XRP dominated the crypto market with total sales in Q1 2023 of $361.06M, net of purchases, compared to $226.31M in the previous quarter.XRP Shines In Q1, Records Impressive Growth And Performance According to the Q1 report by Ripple, XRP Ledger (XRPL) on-chain activity remained strong, with decentralized exchange volumes increasing by 34% to $115M in Q1 2023 versus Q4 2022.Furthermore, XRP Average Daily Volume (ADV) on centralized exchanges jumped 46% in Q1 to $1B from $698M, indicating high demand for the cryptocurrency.While financial turmoil dominated the markets in Q1 of 2023, the token recorded a 46% increase in volumes compared to the previous quarter, according to the report.This increase can be attributed to market recovery and large volatile events spike volumes.Furthermore, according to the data released by Ripple, the XRPL’s on-chain activity remained strong in Q1 2023.
The total number of transactions increased to 116,341,516, up from 106,429,153 in the previous quarter.The average cost per transaction (in XRP) also increased slightly to 0.00121 from 0.00096 in Q4 2022, while the average cost per transaction was $0.000484.In addition, the XRPL burned 140,993 tokens for transaction fees in Q1 2023, reflecting an increase from the previous quarter.
The average XRP closing price during the period was $0.40, slightly lower than the previous quarter’s $0.42.The XRPL’s decentralized exchange (DEX) volumes also increased in Q1 2023, with $114,567,441 traded on DEX, up from $85,772,947 in the previous quarter.
The number of trust lines remained stable at 8,317,321, while the number of new wallets created was 140,558.Moreover, The XRP Ledger’s on-chain activity remains robust, with Ripple’s latest report revealing that transactions increased by 9% in Q1 2023 to 116 million, compared to 106 million in the previous quarter.NFTs have emerged as a key driver of activity, with over one million assets minted on the Ledger since XLS-20 went live on the mainnet.
Rising Above The Rest The report also notes that due to the recent banking crisis, Ripple temporarily stopped purchasing XRP for several days due to the disruption.However, the company has since resumed purchases and plans to continue purchasing XRP as ODL (On-Demand Liquidity) adoption grows.In addition, during Q1 2023, three billion XRP were released out of escrow, with one billion released each month, in line with prior quarters and the official escrow arrangement.Of the three billion XRP, 2.1 billion were returned and subsequently put into new escrow contracts throughout the quarter, ensuring the stability and predictability of XRP’s supply.At the time of writing, XRP is trading at $0.4640, representing a decline of 2.5% over the past 24 hours.In the wider time frames, XRP is experiencing a downturn, with 5%, 8%, and 3% decreases in the seven-day, fourteen-day, and 30-day timeframes, respectively.
Featured image from Unsplash, chart from TradingView.com Leave a Reply [Cancel reply](/crypto-2/xrp-dominates-the-market-adv-on-centralized-exchanges-surged-by-46-in-q1-2023-report/#respond) Leave a Reply Kaspa (KAS), Injective (INJ), and Render (RNDR) are bucking against the general crypto market trend after sustaining gains over the last day.This follows a bearish movement that occurred after Bitcoin reclaimed the $29,000 level.A flash crash sent the pioneer cryptocurrency back to $27,500 and the crypto market tumbled along with it.
However, not all altcoins in the space followed this as three assets have continued to see gains.Kaspa (KAS) Rises Over 10% In the hours that followed Bitcoin’s decline, Kaspa (KAS) was one of the cryptocurrencies that were able to shake off the bears with ease.In the last day, the altcoin is up over 10% and was able to reclaim the $0.03 level before experiencing some resistance and correcting back down.One reason behind the impressive movement has been the announcement that the cryptocurrency would be getting listed on its very first exchange in the United States.
The Uphold digital asset trading platform is listing the altcoin for trading on Thursday, April 27, and the news of this listing saw the trading volume of the cryptocurrency rise over 82%, leading to its surge in price.KAS has also seen multiple exchange listings this month with LBank and Bitget also listing the digital asset for trading in the last week.
KAS rises over 10% in 24 hours | Source: KASUSD on TradingView.com Injective (INJ) Gains Reach 9% Injective (INJ) protocol has been behind Kaspa (KAS) when it comes to gains.Over the last 24 hours, the cryptocurrency has rallied around 9%, making it one of the best performers for this time period.This gain has brought the digital asset’s price to about $8.85, clearing the dreaded resistance at $8.8.INJ’s gains for the last month have also risen to 139% on the 30-day chart.Its trading volume has seen a 51% increase as well and is now sitting at $332 million.
Render (RNDR) Maintains Considerable Gains Render (RNDR) has seen the lowest gains of the bunch but that does not mean that the altcoin has done poorly by any measure.
With over 6% gains in a 24-hour period, RNDR has emerged as one of the only cryptocurrencies to be seeing green during these uncertain times.Just like the others, the altcoin is also doing well on the 7-day and 30-day charts.It is up 10.43% in the last week and 99.99% on the monthly chart.Its trading volume is also up as well with an 81.34% increase in one day.
What’s Driving These Gains? Besides Kaspa’s listing on the Uphold exchange, there seems to be no apparent reason why the other coins are pumping.It mostly comes to some leftover momentum from the initial market pump on Wednesday that pushed Bitcoin above $29,800.For now, these altcoins have been able to hold their gains and remain in the green.If the market were to pick up once again, then there is a high possibility that these cryptocurrencies will continue to see upside.Follow Best Owie on Twitter for market insights, updates, and the occasional funny tweet… Featured image from iStock, chart from TradingView.com Best Owie Best Owie is a seasoned managing editor with a wealth of experience currently serving as the Managing Editor at NewsBTC.Best is a highly skilled professional with a track record of producing engaging and informative content.With a keen eye for detail and a passion for accuracy, Best is committed to ensuring that each article published meets the highest standards of quality.Best has over six years of experience in the crypto industry and has overseen the creation and publishing of thousands of articles over the years.
When not curating engaging content, Best can be found reading a book with a cup of hot chocolate, enjoying a Netflix series, or exploring the outdoors.Best is a true professional in every sense of the word with an exceptional dedication to producing high-quality work.Cardano (ADA) coin has captured the interest of investors and holders with its recent price drop below the $0.40 mark on April 25.This notable price dip left everyone wondering if Cardano (ADA) will break this barrier, which has proven significant in recent trading sessions.However, today April 26, the general market is recovering as the global market cap gained over a 4.5% increase in 24 hours.The marker-wide rally has pushed ADA back to the $0.40 mark with a massive gain of 6.93% in 24 hours.
Related Reading: Solana (SOL) Plunges Over 13% – Will It Bounce Back? The ADA price has been trending downward for the past 7 days, and the coin is finally gaining momentum.Only time will tell if Cardano ADA can surpass the $0.41 resistance level and trade above it in the coming days.
ADA Price Trend The recent price fluctuation in the crypto market harmed Cardano (ADA)’s price, causing a significant loss in its market capitalization.The Cardano market cap is currently at $13.9 billion with a $267 million 24-hour trading volume.According to CoinMarketCap data, Cardano (ADA) is now the seventh biggest cryptocurrency.Cardano’s price drop yesterday, April 25, may have been caused by several variables, such as market sentiment generally and shifts in investor perceptions.
Also, the fluctuations in trading volume, regulatory announcements, or market news that impacted the cryptocurrency market may have played a huge role too.The chart below shows the potential support and resistance levels for Cardano (ADA) in 2023.While buyers are trying to build a bullish momentum, ADA is still found at the $0.40 zone and might break the support zone of $0.38 if the sellers increase the selling pressure.
The $0.38 level of support has maintained steady during the retest earlier this week and can act as a driving force for a higher valuation.Cardano’s price may surpass its resistance level of $0.42 if the bulls completely control the market.
On the other hand, if bears take control of the trend, ADA’s price could fall below $0.30 and might hit $0.2777 Cardano (ADA) Price Prediction The Simple Moving Average (SMA) indicates a potential trend reversal as the 50-day SMA changes directions.The 50-day SMA is trying to cross below the 200, forming a death cross.This action may generate a bearish signal and indicate a potential selling opportunity.The Relative Strength Index (RSI) is above the neutral level and is heading toward the overbought zone, which might ignite a potential price correction.The MACD line is above the signal line, indicating a potential buy opportunity.
The histogram is slightly above the zero line and is also increasing in size; this means bullish momentum.Featured image from Pixabay and chart from Tradingview.com Eli Dambel Eli brings an eclectic point of view to market analysis.
Currently, he writes about various asset classes, including Crypto and Stocks.Eli has been writing crypto oriented content for almost 6 years now and he is a hard core believer in Blockchain and is confident that it can reform the traditional financial system.He also thinks Bitcoin will become universal currency in the near future.You can follow Eli on Twitter: @EliDambel During the past week, the price of XRP has suffered significant losses due to a powerful selling wave.While the one-day chart reflects a 3% increase, the weekly chart shows a decline of over 12%.
Buyers have faced resistance in the $0.45-$0.46 range and the technical outlook for XRP indicates a selling trend.The demand for this altcoin has also dropped, leading to a decrease in accumulation.Unless buyers return to the market and stabilize the price, XRP is likely to continue losing value.Meanwhile, Bitcoin’s price has remained uncertain over the past week, and its recent climb above $28,000 may inspire other altcoins to follow suit.For XRP to see upward momentum, Bitcoin must maintain a price above $27,000.Furthermore, XRP must surpass the immediate resistance level to preserve its current support level.The decline in XRP’s market capitalization suggests that sellers are currently in control of the market.
XRP Price Analysis: One-Day Chart At the time of writing, the altcoin’s trading price is $0.47, and it currently stands above its critical support level of $0.46.Despite attempting to recover significantly over the past few weeks, XRP experienced considerable selling pressure in the past week.The coin faces overhead resistance at $0.48, and breaching that level could drive the price up to $0.50.Conversely, if XRP fails to remain above $0.46, the coin may decline to around $0.42 and possibly $0.40.
The amount of XRP traded in the last session was negative, indicating a decrease in demand.Technical Analysis Despite the daily chart indicating a recovery, buyers seemed hesitant to make a move.
The Relative Strength Index (RSI) was below 50, implying that sellers currently outnumber buyers.Although there was an uptick in the RSI, buying strength remained fragile unless XRP surpasses the immediate resistance level.
Furthermore, the altcoin was below the 20-Simple Moving Average (SMA) line, indicating that sellers were driving the price momentum in the market.Aligned with other technical indicators, the altcoin began to exhibit sell signals on the one-day chart.The Moving Average Convergence Divergence (MACD) displays price momentum and trend reversals.Red histograms formed under the half-line, indicating a sell signal for the altcoin and a bearish price.
The Bollinger Bands measure price volatility and potential price fluctuations of the asset.The bands diverged in anticipation of incoming price volatility, with the upper band serving as a vital resistance level for the altcoin.
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