• XRP is consolidating around $0.5522 as the market anticipates a breakout, supported by growing activity on the XRP Ledger (XRPL).
  • XRPL saw a 200% surge in new accounts, signaling increased network adoption, which could drive future XRP price movements.
  • Despite market stability, rising interest in XRPL highlights potential growth for XRP amid challenges from competing networks.

XRP is testing a key range with network activity surging, as 271,247K trades push its price up 0.66% to $0.5522. 200% increase in new accounts shows that XRP Ledger is still accepted despite recent consolidation. From 1,450 to over 4,000, there was a rise in the number of new accounts, indicating interest that could influence XRP’s future price movements.

🚀 Don't Sleep on Memes – XRPL Needs Activity!

Yesterday, the XRPL saw a 200% spike in new accounts—from 1,450 to over 4,000! 📈 Whether you love memes or not, they’ve driven massive attention and volume on $SOL , $TRON , and $ETH , often leading to price increases.

I’m here for… pic.twitter.com/QsbyddtNER

— Cryptoinsightuk (@Cryptoinsightuk) October 21, 2024

Price Action and Market Movements

XRP’s price peaked at $0.6302 in September and November of 2024 before plunging sharply in early October. From $0.62 to roughly $0.52, the price fell sharply, creating new support levels. However, recent trading action indicates consolidation, with sideways movement in XRP prices around $0.55. With resistance at $0.56 and support at $0.52 , a distinct trading channel has formed.

Moreover, XRP has recently displayed more stability. Volume has decreased compared to September, signaling lower volatility in the market. However, the price has tested the upper range, suggesting potential for a breakout. The RSI indicator currently shows a neutral level of 50.18, reflecting balanced market sentiment. Both buy and sell orders remain active at $0.5522, further confirming this stability.

XRPL Activity and Network Adoption

Besides price action, XRPL has experienced a substantial increase in network activity . The XRPL saw an impressive 200% rise in new accounts in a single day, highlighting growing user interest. This surge aligns with broader market trends where meme coins and community-driven movements often drive price increases, as seen on Solana, TRON, and Ethereum.

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However, the XRP community faces a challenge. As more people flock to other networks, XRPL risks being left behind. The recent spike in network adoption indicates there is still room for growth. 

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