XRP Ledger Hits Record Volume Amidst Falling Market Sentiment
New Milestones for XRPL Despite Uncertain Future of XRP
The XRP Ledger (XRPL) reached a new all-time high this month, while the cryptocurrency XRP is grappling with negative sentiments.
XRPL Transaction Volume Hits All-Time High
The monthly transaction volume of the XRP Ledger has reached a new all-time high with 673.49 billion XRP. This increase in XRPL network activity comes amidst an attempted hack on the cryptocurrency exchange Bitfinex on January 14th. The hacker attempted to transfer 25.6 billion XRP tokens via the “Partial Payments Exploit” feature. However, the attempt failed as Bitfinex had correctly configured its software to process partial payments.
XRP Suffers from Negative Sentiments
Following the incident, XRP experienced a rise in negative sentiment. According to data from Santiment, the token’s weighted sentiment fell to a multi-month low of -1.58 on January 14th. Since then, the daily demand for XRP has dropped significantly. The number of unique daily addresses involved in XRP transactions since then has decreased by 31%. On January 17th, 32,779 active addresses traded the altcoin.
Decline in Network Activity and Price of XRP
The decline in XRP’s network activity in recent days has been reflected as fading momentum indicators on a daily price chart. For instance, XRP’s Relative Strength Index (RSI) and Money Flow Index delivered values of 40.71 and 41.01 at the time of press, respectively. These values indicated that XRP sales among daily traders exceeded accumulation as negative sentiment grew stronger.
Furthermore, the decline in the token’s On-Balance Volume (OBV) confirmed the decrease in XRP accumulation. Since the attempted exploit, XRP’s OBV has fallen by 1.4%. At the time of writing, the altcoin’s OBV was 30.14 billion.
According to data from CoinMarketCap, the value of XRP has dropped by 4.26% over the past week. The falling OBV alongside the falling price confirmed the downtrend and the presence of strong selling pressure. Due to the falling price and the increasing negative sentiment, more XRP transactions are now taking place at a loss than at a profit.
Outlook
The future of XRP remains uncertain. The negative sentiment and falling price could lead investors and traders to become more cautious. It remains to be seen how the situation will develop and whether XRP will be able to recover from this setback.
Sources: The Block Data Dashboard, Santiment, TradingView, CoinMarketCap.
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