Intending to ensure transparency with its XRP adoption, Ripple has published the market report for XRP for Q3 2021. The report indicates that around 89m transactions were completed during that period, with their total value estimated at $69.5b. The report further revealed that XRPL’s popularity keeps rising with various projects experimenting with several XRPL use cases globally.
Transaction Volume Also Increased Significantly
Also, Ripple’s ODL-related sales for this past quarter were the highest so far this year. In Q3 2021, Ripple’s combined XRP sales (minus the gross purchases) were over $490, a staggering increase compared to the $158m of Q2 2021. A CCTT data shows that Ripple’s XRP net earnings were 0.27% of the XRP volume worldwide.
Furthermore, various metrics indicate that there has been a 100% increase in transaction volume on the Ripple network over the past year. Part of the Ripple report emphasized that “some of Ripple’s top clients switched from fiat-only payments to ODL on the Ripplenet. Thus, they no longer need to own pre-funded accounts. One reason for the rise in ODL transactions is the significant reduction in operations cost and the elimination of pre-funded accounts.”
Prominent Ripple partner in Australia, Nnovatti, has included the XRP token as part of the five digital assets its Cryptosend Visa card currently supports. Novatti and Ripple had reached an expanded growth plan after raising $41m in funds two months ago. The Novatti-Ripple partnership is also being extended to Thailand to expand Ripplenet’s ODL services in that region.
Ripple And SEC Battle Rages On
Ripple and the US SEC have remained locked in a legal battle for almost a year now. Even though the network’s token price dipped by over 55% at first, it has since steadied, posting gains of over 390% since the beginning of this year.
The report also indicated new information regarding its lawsuit, the financial watchdog, stating that the case is now at the ‘expert discovery’ stage. “the fact discovery phase was completed on august 31 which is a huge landmark in the case. This new stage involves analysis of expert reports regarding the matter.”
XRP Price Heads Sideways
Like the dip in trading volumes across all digital assets in Q3 2021, the trading volume of Ripple’s token also declined by more than 45%. Bitcoin’s quarter-on-quarter dip was about 34%. The daily indicators show that XRP is still trading around the lower parallel channel. This indicates that it is losing its direction as it continues bouncing around the same region. The XRP price may remain within this region unless it breaks out of the current chart region at $1.15.
The 0.382 and the 50-day simple ma indicate that XRP’s next resistance is at $1.07. The channel’s mid-boundary may provide additional support at $1.04, which coincides with the 100-day simple ma. If the bears remain in control of the XRP price, it might dip towards the $1.02 point and even further down to the $0.93 point, corresponding to signals from the 200-day SMA and the momentum reversal indicator (MRI).
XRP/USDT 24-hour Chart. Source: TradingView
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