XRP Ledger (XRPL) Record Major Milestone, XRP To $5?
The XRP Ledger (XRPL) has experienced a major milestone on-chain, as spotlighted by the Layer-1 protocol’s main explorer, XRPScan. According to the update, the XRPL has crossed the 2,000 transaction milestone in a ledger. This proves the growing adoption of XRP Ledger amid the highly competitive Layer-1 ecosystem.
XRP Ledger and Onchain Trends
Per the XRPScan data, within 7 days, user adoption has pushed a total of 2059 transactions on each XRPL. As of February 4, the protocol recorded 1,804 transactions per ledger, marking a significant yardstick for the network.
This recent milestone was recorded at Ledger 94,066,184, a big leap from the 93,905,961 ledger scored on February 4. Notably, the XRPScan explorer also recorded a 7.986622 XRP fee burnt for the transactions in the ledger.
Most of the transactions in the historic ledger were designated for payments, which is notable as one of the most critical use cases of the XRP Ledger. While most of the initiated payments were sent to anonymous wallets, some exchanges, like Upbit, received the stash.
Beyond payments, some XRP Ledger transactions were marked as TRUST SET and OFFER, showcasing the protocol’s diversity.
XRP Ledger and Key Amendments
The boom in the transaction count on the XRP Ledger comes after a series of recent upgrades and amendments to the protocol. As reported by CoinGape, the protocol is eyeing the NFTokenMintOffer amendment, which entered into the activation phase earlier this month.
This NFTokenMintOffer amendment was activated on the ledger after the AMMClawback update went live on the mainnet. These amendments were designed to enhance unique functionalities, scale the protocol, and enhance user experience overall.
Thus far, the protocol’s growth in ledger count, partly fueled by the adoption of the RLUSD stablecoin, has placed it in the spotlight.
XRP Price Outlook: Is $5 at Play?
As the native token of the XRPL, XRP benefits immensely from the growth in the transactions on the Ledger. The hype around the distributed ledger has contributed to the growth in the price of the coin thus far this week.
Prior to the current consolidation registered onchain, XRP jumped as high as $2.525 in earlier trading. With the growth, it has pared off its losses over the past week. XRP has many fundamental factors boosting its growth at the moment, top of which is the XRP ETF pursuit.
With the predicted approval odd set at 65% by Bloomberg Senior ETF Analysts Eric Balchunas and James Seyffart, XRP is becoming more attractive to investors. Per an earlier XRP Price analysis, the coin will need to hold the $2.25 support so reclaim the $3 price mark and possibly soar to $5 in the long term.
Per the current ecosystem outlook, the chances of this happening in the coming weeks are high.
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