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XRP set several records in February. These numbers reflect Ripple’s effectiveness in attracting attention and accelerating adoption on its underlying blockchain.
However, the price of XRP remained below $1.4 during the last week of February, despite several positive signals indicating an imminent recovery.
Activity on the XRP Ledger increased in February after the updates
Data from XRP Scan showed that the number of successful payments on the XRP ledger continued to grow throughout the past month. This figure increased from a minimum of 1 million payments at the end of December last year to more than 2.7 million in February. This is the highest level in 12 months.
On the XRP ledger, a payment is considered successful if it is confirmed and recorded on the distributed ledger by verifiers.
Therefore, this growth reflects the growing vitality of the XRP book, and the growing number of successful transactions proves that users are actually using the network for payments, transfers, D-Fi or other applications.
Cryptocurrency investor Crypto Sensei said that the activity of the XRP network remains strong, recording about 2 million transactions per day and about 40,000 active addresses. This is a real use. While most networks pursue narratives, the XRP ledger continues to move value: payments, settlements. This type of consistency is what financial institutions are looking for. source.
In addition, the automated market maker (AMM) on the XRP ledger decentralized trading platform has seen signs of progress, with more than 14,000 deposits. This development provides the XRP ledger with additional decentralized liquidity and reduces slippage in trading.
It should be noted that the AMM activity had never been like this before. This hack happened after I activated the allowed domain update at the beginning of February. The network activated the decentralized trading platform allowed two weeks later.
Investors expect the authorized DEX to pave the way for banks, payment service providers and financial institutions to trade in a controlled liquidity environment on the XRP ledger.
Despite these positive indicators, the price of XRP continued to fall for the fifth month in a row, and closed the last week of February in the red. At the time of writing, XRP is trading at $1.33, down 45% from its high at the beginning of the year.
A recent report from BeInCrypto shows that increased whale flows to trading platforms continue to create selling pressure, and realized losses are at their highest levels since 2022.
Historical signals also suggest that extreme pessimism often precedes a price bottom and a strong recovery. The latest analysis from BeInCrypto shows that XRP now needs confirmation to break the resistance level at $1.47.
