- Ripple’s CEO issued a “thank you” message to the community.
- XRP’s transaction usage dropped.
Due to its ongoing legal battles with the U.S. Securities and Exchange Commission (SEC), Ripple [XRP] has been forced to navigate the complex crypto landscape. Despite the challenges, Ripple’s clan, comprising its dedicated community of supporters, has continued to demonstrate unwavering support for the project.
Read Ripple’s [XRP] Price Prediction 2023-2024
In the face of adversity, the XRP community has ensured that the token formed part of the top discussions. Based on on-chain data, the social dominance, which measures the activity mentioned above, had notable highs in every month of the year since 2023 began.
The scent of gratitude
But at the time of writing, the social dominance decreased to 0.875%. This inferred that the XRP hype had lessened. However, the token’s volume has not significantly shown signs of a notable increase since April ended.
At press time, the XRP volume was 742.29 million. The volume shows the aggregate number of tokens that have been involved in transactions within a network. It also serves as an indicator of traders’ attempts to jump on price action. Therefore, the current state of the metric suggests that not many XRP tokens have been used lately.
Meanwhile, Ripple’s CEO Brad Garlinghouse expressed gratitude for the community’s loyalty and described the ongoing legal battle as a “good fight” in the pursuit of clarity and regulatory certainty for the entire cryptocurrency industry.
The CEO, who was physically present at the XRP Las Vegas event, mentioned that he was glad to meet many supporters in person.
Great to meet so many folks from the XRP community at #XRPLasVegas2023 – the camaraderie is remarkable (and an amazing feeling in person vs Twitter!) This community has stood by and supported Team Ripple as we have fought the good fight…I can’t adequately express my gratitude pic.twitter.com/lb9TCURv3C
— Brad Garlinghouse (@bgarlinghouse) May 6, 2023
XPR: Facing adoption challenges but hope abounds
In terms of active addresses, Santiment showed that it had reduced. Active addresses serve as a good indicator of user participation in successful transactions. At the time of writing, the metric had decreased to 239,000.
This aligned with the state of the volume initially mentioned. The network growth was also down to an extremely low point. The metric shows the number of new addresses being created on a network daily. But since it had decreased, it meant that user traction was not particularly impressive on the Ripple network.
How much are 1,10,100 XRPs worth today?
Recently, the XRP Army, as the community is popularly called, has reiterated their bullish calls on the token. Egrag Crypto, who is vocal about his support, predicted a $10 to $27 long-term value for the token.
#XRP White Symmetrical or Blue Ascending Triangle:
You choose your course of Action?
1) White Symmetrical Triangle $27
2) Blue Ascending Triangle $10
The 20 MMA is the single confirmation that will provide clear signal for the #Bullrun. Close multiple closes above 20 MMA or… pic.twitter.com/DoqgyevFhS
— EGRAG CRYPTO (@egragcrypto) May 3, 2023
While navigating the complicated crypto regulatory landscape remains a formidable task, the CEO’s leadership seems to have instilled renewed hope in investors.