Despite the Ripple XRP and SEC case, demand for RippleNet solutions are surging and as a result XRP seems poised to break all time high. Ripple is disclosing that it increased its XRP sales in the fourth quarter of 2023 with demand for RippleNet surging despite the loss of a major partner.
Ripple notes in a new blog post that it sold more than $1 billion worth of XRP last quarter in relation to its cross-border payments platform, On-Demand Liquidity (ODL), which is powered by the crypto asset.
The San Francisco-based company also purchased close to $322 million worth of XRP, bringing net sales to $717 million, a more than 45% increase from the $491.74 million XRP it sold in Q3 of 2023.
Ripple attributes the XRP sales to the “growth and adoption of ODL.”
“Ripple continued to engage in sales to improve the ODL experience of certain customers, eliminating the need for pre-funding at exchanges and enabling instant global payments.”
The company also notes that RippleNet, its institutional payment-providers network, had its “most successful and lucrative year to date.”
“The number of transactions on RippleNet more than doubled, with a payment volume run rate of over $10 [billion]. This is a testament to the product considering Ripple parted ways with MoneyGram, its largest customer, immediately after the SEC filed its lawsuit against Ripple.”
The U.S. Securities and Exchange Commission (SEC) filed a lawsuit in December 2020 alleging that Ripple sold XRP as a security during its launch. The regulator also alleges that the token remains a security to this day.
XRP Price Action
At the time of writing, XRP was up by 0.10% to $0.8162. For the day ahead XRP would need to avoid the day’s $0.8045 pivot to support a run at the first major resistance level at $0.8611. XRP will likely face plenty of resistance at Saturday’s high $0.8520. In the event of another breakout, XRP could test resistance at $0.90 before any pullback. The second major resistance level sits at $0.9087.
A fall through the day’s $0.8045 pivot would bring the first major support level at $0.7569 into play. Barring an extended sell-off, however, XRP should steer well clear of the day’s major support levels.
Looking at the EMAs and 4-hourly candlesticks (below), the 50-day EMA continues to pull away from the 100-day EMA and 200-day EMAs after Friday’s bullish cross. For XRP, avoiding a fall through the 100-day EMA currently at $0.74 levels will be key near-term.
Over the near-term, a move back through to $1.00 levels would then bring November’s high $1.348 into view. Price action will hinge on SEC v Ripple news updates.
