- The XRP Ledger is seeing intense token issuance growth following the First Ledger launch.
- XRP price remains in the spotlight but has doubtful long-term projections.
The XRP Ledger (XRPL) recently hit an All-Time High (ATH) in the number of tokens issued on the chain. This new milestone quickly fueled a surge in the price of XRP, the native token associated with Ripple Labs.
XRP Ledger Spikes in Tokens Issued Onchain
Crypto intelligence tracker Santiment revealed the number of new tokens issued on XRPL reached 213 on October 17. This marks an ATH, representing a 200% increase from the previous record set in October 2021.
The surge in the number of new tokens issued in a single day is linked to the launch of First Ledger. This project allows investors to trade blockchain tokens more quickly via the Telegram application. The protocol’s launch pushed the number of tokens on the XRPL to a peak. However, it has since dropped to 12 as of Thursday.
Another key factor influencing XRP’s soaring price is the ongoing Ripple case with the US Securities and Exchange Commission (SEC). The regulator has filed an appeal against the final ruling in the lawsuit, as CNF reported. On October 25, Ripple Labs filed the Civil Appeal Pre-Argument Statement (Form C) in its case with the SEC.
The regulator is appealing against the ruling that retail XRP sales did not violate US federal laws on security issuance. On the other hand, Ripple is contesting a portion of the 2023 judgment summary, which described institutional sales of XRP as unregistered security.
Ripple’s CEO Brad Garlihouse has expressed confidence that the firm would win the appeal. He emphasized that Ripple’s win would cripple SEC Chairman Gary Gensler’s anti-crypto agenda. The CEO also mentioned in an earlier CNF report that the approval of a spot XRP ETF in the US is inevitable. Garlinghouse’s confidence in the firm’s future and optimism towards a major crypto reset following the upcoming US elections has helped push XRP’s price higher.
XRP Eyes A 5% Rally
At press time, the price of XRP was trading at $0.525, down 0.45% in the past day and 4.35% in the past week. XRP has continued on a downtrend since reaching its peak of $0.7440 on March 11. However, technical indicators signal a potential price reversal for the altcoin.
The Moving Average Convergence Divergence (MACD) and the Relative Strength Index (RSI) indicate bullish momentum for XRP. The green histogram bars on the MACD and the upward-sloping RSI are at 43, under the neutral level. This trend supports the thesis for a potential XRP price gain.
As a result, XRP could rally nearly 5% and test resistance at $0.5550, coinciding with the Exponential Moving Averages (EMAs). Despite these positive technical indicators, XRP price predictions are disappointing. As revealed in a CNF article, many analysts doubt XRP’s price will hit the $1,000 mark anytime soon.
