- Dormant tokens in the XRP Ledger have begun to stir, setting the stage for May’s market activity.
- New data suggest the blockchain is seeing another “huge blast” in dormant XRP movement, alongside increasing open interest.
- XRP Ledger developers recently proposed a system for offering fixed-term loans with interest, using pooled funds, and without the need for on-chain collateral.
Old XRP coins are stirring on the ledger, suggesting a potential surge in ‘buy the dip’ interest from key stakeholders. This development, coupled with increasing open interest, could boost confidence among market players.
Surge in Old XRP Coin Movement
According to Santiment’s Token Age Consumed metric, there has been a significant surge in the movement of old XRP coins on the ledger, similar to the spike observed just before the market downturn on April 13th, during which the cryptocurrency plummeted by 16%. However, in this particular case, there’s a compelling argument suggesting that this movement is tied to potential “buy the dip” interest from influential stakeholders, the crypto-analytic platform said in its latest findings. “This time around, however, there is an argument that this old coin movement is related to potential #buythedip interest from key stakeholders, and prices have been climbing mildly since this May spike occurred. Also, keep in mind the increasing open interest on exchanges, which has just reached a 3-week high.”
Introducing XRPL Solutions in Japan
Last month, Ripple, which uses XRP Ledger for its cross-border payment settlement, announced a strategic partnership with HashKey DX to introduce XRPL-based blockchain solutions to the Japanese market. With this joint venture, SBI Group will become the first Japanese corporation to leverage this supply chain finance solution.
Conclusion
The recent movement of dormant XRP tokens and the increasing open interest suggest a potential surge in ‘buy the dip’ interest. This, coupled with the introduction of XRPL solutions in Japan, could boost confidence among market players and set the stage for future market activity.
