Despite Ripple [XRP] being in a phase of consolidation, it managed to maintain the $0.52 support level, with minimal impact from whale activity in terms of price movement.
The withdrawal of 52 million XRP valued at $28.67 million from Bybit by a whale failed to boost sentiment or trigger any significant bullish momentum.
On a different note, Elon Musk, the CEO and founder of Tesla and SpaceX, as well as the owner of X (previously known as Twitter), was questioned about the adoption of XRP by financial institutions.
Positive Stats Revealed by the XRP Ledger
The daily XRP price chart did not display a bullish outlook. The market structure appeared strongly bearish, with a notable price drop at the start of October creating an imbalance tilted towards the upside.
Consequently, although a bounce for XRP towards the local peaks of $0.62 to $0.66 is anticipated, there is expected to be substantial selling pressure.
In a post on CryptoQuant, Wenry Seoul, Marketing Manager at Catalyze Research, highlighted that the XRP Ledger exhibited a daily transaction volume similar to Layer 1 networks during the period between September 15 and October 15.
The metrics for decentralized exchange activities indicated a 6.83% decline in the number of trades, from 6.88 million to 6.41 million. Nevertheless, there was a 17.64% increase in DEX volume, reaching $4.6 million.
Regarding Automated Market Maker (AMM) Liquidity Provision, there was noticeable growth observed.
AMMDeposit involves depositing funds into an existing AMM instance, while AMMCreate is used to set up a new instance for trading asset pairs.
The significant rise in AMMDeposit and AMMCreate signified an upsurge in liquidity deposits and showcased a growing level of confidence.
Network Expansion Surpasses Three-Month Peaks
The transaction volume exhibited an upward trend from October 7 to October 20 but has begun to show signs of slowing down. The rapid expansion of the network is particularly encouraging as it has the potential to drive demand.
This could aid the bullish investors of the token in defending the crucial support level at $0.52. Nonetheless, based on price movements, a retest of the $0.508 region might be necessary before an upward push towards $0.62.