Why XRP Ledger Is a 'Different Network' Than Last Year: Analyst
Main Idea
XRP's price surged to a new all-time high despite a decline in retail activity on the XRP Ledger, with data indicating a shift toward institutional use.
Key Points
1. XRP reached a new all-time high price last week, even as daily active users on the XRP Ledger dropped by around 50% since January.
2. Data shows a notable decline in retail activity, with 99.7% of on-ledger volumes now attributed to institutional or wholesale transactions.
3. Serotonin's analysis suggests XRP is transitioning into 'wholesale settlement rails,' with decentralized activity linked to retail users never exceeding 1%.
4. Ripple CEO Brad Garlinghouse warned XRP holders about an increase in YouTube scams following the token's price surge.
5. XRP's price was up 3% to $3.19 at the time of reporting, down 12% from its all-time high of $3.65 the previous week.
Description
XRP is flying high, but activity on the Ripple-linked XRP Ledger points to a clear shift in user activity, according to analysis.
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