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XRP Ledger Shows Signs of Increasing Usage, Suggesting XRP Price Increase
In a recent development, the XRP Ledger has demonstrated an uptick in usage, which may have positive implications for the value of XRP. This comes as Ripple, a US-based technology company that develops the Ripple payment protocol and exchange network using XRP, prepares to begin its global rollout of RLUSD stablecoin on December 17.
According to recent data from CryptoQuant Analytics, an Asia-based firm specializing in providing cryptocurrency market analytics and on-chain data to investors and industry participants, the usage of the XRP Ledger has been increasing. This trend may have a direct impact on the price of XRP.
The XRP Ledger is a decentralized cryptographic ledger powered by a network of peer-to-peer servers that enables the creation of smart contracts and decentralized applications (DApps). The recent surge in usage could be an indication that more developers are embracing this technology, which would likely drive up demand for XRP and potentially lead to a price increase.
Ripple’s RLUSD stablecoin launch is also expected to contribute positively to the growth and adoption of the XRP Ledger. As part of its global rollout, Ripple will make the RLUSD stablecoin available on five different platforms. The company has already revealed plans to expand its offerings in the coming weeks, which could further boost interest in the XRP Ledger.
Notably, some investors have been cautioned against FOMO (fear of missing out) by Ripple’s Chief Technology Officer, Schwartz. He warned that RLUSD is “not an opportunity to get rich” and advised cautious investment decisions.
While there is no guarantee that the XRP price will increase in response to this trend, the data suggests that the increasing usage of the XRP Ledger could contribute positively to the overall cryptocurrency market. As more developers engage with the technology, demand for XRP may rise, which could lead to a potential increase in its value.
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Source: cryptoslate.com
