Bhushan is a FinTech enthusiast and holds a good flair in understanding financial markets. His interest in economics and finance draw his attention towards the new emerging Blockchain Technology and Cryptocurrency markets. He is continuously in a learning process and keeps himself motivated by sharing his acquired knowledge. In free time he reads thriller fictions novels and sometimes explore his culinary skills.
XRP has recorded a massive 4 million daily transaction volume on November 23, however, the XRP price continues to disappoint the investors.
Transaction volume is an important metric often considered to determine the growth and popularity of a blockchain ecosystem. This is a go-to metric that often determines user activity and interest for a particular blockchain system. Well, XRP is the show stealer at this moment as it has surpassed both Bitcoin and Ethereum in daily transaction volumes.
Last Saturday, November 23, the XRP ledger daily transaction volume hit a massive figure of 4 million. This is the highest recorded volume for XRP this year beating its previous record of 1.7 million transactions in January 2019.
With this move, the world’s third-largest cryptocurrency has surpassed its two other competitors BTC and ETH. While XRP’s daily transaction volume crossed 4 million, Bitcoin and Ethereum failed to cross even 1 million-mark.
— Welson 📊 (@CryptoWelson) November 24, 2019
Earlier this year during the Swell event, Ripple CEO Brad Garlinghouse said that 2019 has proved to be the company’s strongest year so far. Ripple’s blockchain payment system RippleNet has now more than 300 customers across the globe. Some of the big financial payment companies like Bisto, MoneyGram and other use the On-Demand-Liquidity (ODL) product.
XRP Price Movement Has Failed Investors’ Expectation
Although the massive surge in daily transaction volume can be perceived as a good indication, XRP’s price movement this year has been more than disappointing. While all of the top ten cryptocurrencies have given positive results, XRP in spite of being the third-largest cryptocurrency has given negative returns year-to-date.
XRP has lost nearly 40% of its price since the start of 2019. At press time, XRP is trading 4% down at $0.22 with a market cap of under $10 billion. Unlike other cryptocurrencies, XRP turned to be a mute spectator with no movement during the April 2019 bull run. However, it has significantly corrected during the bearish cycles.
Pessimism still continues to hover around XRP with its price expected to touch below $0.20.
$0.30 was quite important, let's hope $0.19 will be as well.
The price action on XRPUSD is uncannily technical. pic.twitter.com/gJyzZeRYbm
— DonAlt (@CryptoDonAlt) November 22, 2019
However, at the current moment, the entire crypto marker demonstrates far not the best results. Though by the time of writing the situation seems to have been improved a little bit, just recently Bitcoin has been trading below $7,000 which means that it has established a new 6-month low. At the time of writing its price is $7,179.
As for Ethereum, it is currently trading for $147.