Over the last 24 hours, the market has been in the green. Bitcoin, the market leader, increased by 1.12%, while Ethereum increased by 0.44 percent. Meanwhile, Binance Coin (BNB) is one of the best performers, up more than 7%.
XRP Price Action
On the monthly chart, the XRP token price appears to be preparing for the next leg of positive momentum. With strong purchasing demand from lower levels, the crypto asset is attempting to surge higher.
Technical indicators point to a flat or neutral trend with minimal volume activity across the chart. If the Bulls manage to suppress all DMA lines, we can expect levels of $1.50 to $1.80 in the future trading sessions.
The volume of activity is smaller and requires a significant increase to be sustainable on the higher side. $1.00 and $0.92 serve as lower-level support, while $1.17 and $1.25 serve as upper-level resistance.
Ripple Q3 Report !
The business observed “strong growth and adoption of ODL (On-Demand Liquidity),” with ODL transactions increasing by 130 percent quarter over quarter on RippleNet, according to Ripple’s Q3 Report.
ODL expansion is considered as a positive indicator because it leverages XRP and eliminates pre-funding, lowering operational expenses and allowing cross-border capital to flow. According to the article, ODL users can easily execute cross-border transfers through third parties such as exchanges, or even straight from their own crypto wallets, allowing for a smoother payment flow.
Furthermore, Ripple announced that its transaction volume has more than doubled since last year’s figures. The company has since attributed the third quarter’s XRP sales to its extraordinary ODL growth and acceptance.
Regardless of the SEC’s lawsuit, Ripple maintained the value of its XRP token. It alluded to Ripple’s $250 investment in a Creator Fund for NFTs on the XRP Ledger last month.