XRP Key Metric Spikes Despite Price Drawdown

After the massive price recovery witnessed a few days ago, XRP has slowed down on its price surge since the last day, but its network has continued to see growing engagements as investors stay resilient on the leading altcoin.

On Wednesday, November 22, onchain analytics firm CryptoQuant disclosed a decent increase in the XRP burn rate despite the plummeting market condition.

XRP network usage grows

While the network has not witnessed a significant increase yet, the data shows that a decent 521 XRP were destroyed in fees in the last 24 hours. This represents a mild 0.77% surge from the burns achieved yesterday.

Despite the surge, the number of XRP burned as fees is still relatively low compared to levels seen before the massive October 10 crash that has led the market into persisting price corrections.

Although small but positive, the metric has contributed to the restoration of confidence in the XRP ecosystem as it has come when XRP is seeing fresh momentum following the recent resurgence in its price, alongside the major launches of multiple ETFs.

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Although XRP has slowed down on its price surge today, the market is still showing signs of a potential rally, suggesting increased demand among retail and institutional investors.

Apparently, the increase in XRP’s burn rate, coinciding with renewed bullish sentiment, has fueled speculation that XRP may be entering a new phase, stirring anticipation for a massive rally in December.

XRP ETFs outperform market 

While XRP has also joined Bitcoin, Ethereum, and Solana on Wall Street following the recent launch of multiple XRP ETFs, the altcoin is moving to become the next big thing in the crypto ecosystem.

Notably, the launch of these ETFs has made XRP the center of attention, with market watchers predicting that the impressive inflows pulled by these ETFs in just a few days of launch could position XRP back to its $5 target for 2025.

Just yesterday, ETF trackers reported that XRP flipped Bitcoin, Ethereum, and Solana in daily ETF inflow. XRP ETFs recorded a massive $164 million in inflows as of November 25, while Bitcoin, Ethereum, and Solana pulled in $151 million, $97 million, and $58 million respectively.