XRP has crossed the $ 1 mark in the past 5 days and is currently trading at $ 1.07 after seeing a 13% weekly gain. While the growth looks pretty decent at the moment, XRP’s development could be considered slow compared to the broader market.
While Ether posted a 17% gain for the week, Bitcoin rose 25%. With both Bitcoin and Ether breaking key resistance levels and closing the gap between their local highs, XRP is still 17% below its local $ 1.40 level in September.
While the lawsuit between the SEC and Ripple Labs shows no signs of ending, XRP has received high praise on social media recently after XRPL Labs announced that offline payments were possible.
Ripple also revealed the prototype of the Proof of Payments (xPoP) protocol, which could drive “future retail adoption”. Positive effects were seen in the market when the XRP indices skyrocketed.
For the past several months, XRP’s network health has been looking good, with active addresses also hitting an all-time high (ATH) at the time of writing. In fact, the Daily Active Address has also exploded after being in an uptrend since its low in late July.
According to statistics from mood, the increasing number of users in contrast to a relatively quiet price action for XRP is an indication that there may not be speculators, but “the actual implementation of users in the network for all existing use cases”.
Source: Santiment
The high number of daily active addresses of XRP is due to an increase in new subscribers. This can be observed in the upward trend of the network growth indicator.
That being said, XRP’s social indicators aren’t showing much of a spike, and that lack of interest is healthy. Overall, the indicators for XRP paint a very optimistic picture.
However, the price is still struggling to break the $ 1.10 resistance.
The XRP price has been hovering near the $ 1 mark for some time. XRP hit an annual high of $ 1.96 in April and has not been able to break that threshold since then. Indeed, the short-term price movement of XRP appears to be following the direction of the broader market and does not appear to absorb the momentum of the indicators.
XRP price chart | Source: Tradingview
Additionally, unlike the bull run in early August and May, the decline in trading volume is another worrying trend.
One reason for this limited price movement could be the outgrowth of altcoins like Stellar challenging XRP dominance. For example, on October 6th, Moneygram (a money transfer company) partnered with Stellar to enable cash and payments in currencies like USD, JPY with USDC. As a result, Stellar has made a strong case for CBDCs on its own blockchain.
While this can be a problem, the introduction of a Proof of Payments (xPoP) protocol by XRP in the near future could help the network break through this competitive country. XRPL has also proposed to facilitate the adoption of XRPL in retail by introducing “Lite Accounts” with lower reserve requirements.
According to the update, this will use less XRPL space and involve more users.
Overall, the declining popularity and sluggish price movement of XRP appear to be of concern at the moment. However, XRP can get out of this problem by riding a wave of its growing network performance.
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