The XRP Ledger has witnessed a significant decline in transactions in 2024.

Ripple (XRP) traded at $0.5833 on Tuesday as the altcoin continued to recover from the cryptocurrency market downturn in early August.

Announcement regarding Ripple stablecoin, the ruling in the lawsuit between the U.S. Securities and Exchange Commission (SEC) and Ripple, along with the latest research reports published by HashHub, owned by SBI, are the main factors affecting XRP this week.

Daily market update: Ripple's report reveals significant decline in transactions and revenue

HashHub, owned by SBI, has released two research reports on the current status of Ripple blockchain businesses and the XRP Ledger economy on August 17th.

The reports highlight the key events regarding the performance of the XRP Ledger in the first two quarters of 2024.

The total number of transactions on the XRP Ledger has decreased to one-sixth of the observed level at the beginning of 2024.

Daily transaction volume of XRP Ledger | Source: HashHub

The number of newly created accounts and active accounts both recorded a decrease, according to data from HashHub.

Account has been created and is active | Source: HashHub

XRP Ledger has 3,724 fungible tokens and 5,988,017 NFTs issued on XRPL, with a total market capitalization of 135.63 million USD at the time of research. Among these, the three largest tokens are:

• Sologenic (SOLO): Market cap of 44.4 million USD, held by 228,600 people
• CasinoCoin (CSC): Market capitalization of 24.6 million USD, held by 29,300 people
• Coreum (CORE): Market capitalization of 12.4 million USD, held by 52,500 people

Technical analysis: XRP may rise higher

XRP can continue to rise and target the upper boundary of the Fair Value Gap (FVG) at $0.6217, a 7.14% increase for this altcoin. Along the way, XRP may encounter resistance at the lower boundary of the FVG at $0.5970.

The relative strength index (RSI) surged from the 50 level and sloped upwards, indicating that the bulls are still in control of the market.

XRP/USDT daily chart | Source: TradingView

In the downward direction, XRP may scan through the support level in the FVG between $0.5188 and $0.5785.

You can view the price of XRP here.

Disclaimer: This article is for informational purposes only and not investment advice. Investors should do their own research before making any decisions. We are not responsible for your investment decisions.

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