XRP Ledger Showed Encouraging Stats Despite the Market Downturn

Ripple [XRP] was still in a consolidation phase. The price clung to the $0.52 support level, and whale activity did little to push prices higher.

Ripple (XRP) continued its consolidation as whale activity remained lukewarm despite news of a large withdrawal from Bybit. XRP price remained largely unchanged with minimal movement from the $0.52 support.

Meanwhile, Elon Musk was queried on XRP adoption by financial institutions. XRP Ledger stats were encouraging.

XRP Price Analysis: XRP Remained Capped, Key Support Held

XRP was still in a bearish market structure on the daily time frame ( سعر اكس ار بي اليوم بالدولار الامريكي). The steep price decline in early October created a large price imbalance to the north.

Thus, while XRP was due for a bounce toward the local highs of $0.62-$0.66 next, there would be substantial selling pressure.

On a post on CryptoQuant, Wenry Seoul, Marketing Manager at Catalyze Research, noted that the XRP Ledger had a daily transaction volume on par with Layer 1 networks.

This was based on the activity from the 15th of September to the 15th of October.

The decentralized exchange activity metrics showed that the number of trades dropped by 6.83%, moving from 6.88 million to 6.41 million. However, the DEX volume rose by 17.64%, reaching $4.6 million.

There was a strong increase in Automated Market Maker (AMM) Liquidity Provision activity. AMMDeposit is used to deposit funds into an existing AMM instance.

Meanwhile, AMMCreate is used to create a new instance for trading a pair of assets. The large increase in AMMDeposit and AMMCreate showed a rise in liquidity deposits.

This could indicate increasing confidence in the network, which could spur demand for XRP.

The transaction count trended higher from the 7th to the 20th of October but has begun to falter. The rapid network growth was especially promising.

This could help propel demand for XRP, which could aid the bulls in defending the crucial support level at $0.52. However, judging by the price action, a sweep of the $0.508 zone might be necessary before a rally toward $0.62.

XRP Surged on Exchange, Musk Questioned on Institutions Adopting XRP

News broke that a whale withdrew 52 million XRP, valued at $28.67 million, from the cryptocurrency exchange Bybit on the 21st of October.

This large-scale XRP movement came amid a stagnant price trend for the token. XRP price remained largely unchanged from the previous day, with minimal movement from the $0.52 support.

The withdrawal was flagged by the XRP Scan bot, which monitors and reports on significant XRP movements.

The withdrawn XRP was transferred out of the exchange in a single transaction, and its final destination remained unknown.

However, the movement of such a large amount of XRP from a centralized exchange typically indicates a sale or transfer to another exchange or cold storage wallet.

In other news, Elon Musk, CEO and Founder of Tesla and SpaceX and owner of X (formerly Twitter), was asked about XRP adoption by financial institutions during a live Q&A session on the platform.

A user asked Musk, “When financial institution[s]?” in reference to XRP adoption, to which Musk briefly replied, “I was not aware of that.”

The interaction quickly garnered attention among XRP enthusiasts and sparked speculation about Musk's stance on the regulatory status of XRP.

However, Musk did not elaborate further on the topic during the Q&A session. XRP price remained largely unaffected by the news.

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