XRP Ledger Sees Growing Use Beyond Payments, Data Shows

• Over 50% of transactions on the XRP Ledger are “OfferCreate Transactions.” 
• When the year began, only 12% of transactions were associated with DEX features.
• XRP is retesting the $0.50 price level as support at the time of writing.

The XRP Ledger, developed by Ripple, is being used for more than just cross-border payments, according to CryptoQuant.

At the beginning of the year, 88% of transactions were for payments, while 12% were “OfferCreate Transactions,” according to a CryptoQuant post by “maartunn.” Now, both figures are at 50%, showing a surge in transactions focused on other features.

It is clear that crypto market participants are now more focused on the network’s capability to issue new assets and adopt decentralized exchange (DEX) features as the trading activity on XRPL continues to rise. 

The analyst said more users are adopting the XRP Ledger for “complex strategies” and that the price of XRP might see increased accumulation.

It is important to note that Ripple’s RLUSD stablecoin will launch on the XRP Ledger and Ethereum blockchain. Testing will begin soon on both networks, resulting in the minting and burning of new tokens.

Read also: XRP, Ripple, XRPL: Untangling the Crypto Trinity

XRP Retesting $0.50

As per the data from CoinMarketCap, XRP is trading at a price of $0.5128 after losing the $0.6 price region in October and is down a massive 86.65% from its all-time high of $3.84. The digital asset is down 2.11% in the past 30 days and has dropped 15.18% since November 2023. 

The Relative Strength Index (RSI) for the XRP price action stands at a value of 41.15 which means that the bears are currently in control of the altcoins’ price action and the gradient of the line suggests that sluggish movement of prices might continue in the near future.