XRP climbs as new tokens issued on Ripple’s XRP Ledger hit a new all-time high

• XRP trades above $0.53, gains over 1% on Thursday.
• Ripple’s XRP Ledger hit an all-time high in the number of tokens issued on the chain.
• XRP could gain nearly 5% and target the $0.5550 level.

Ripple (XRP) trades at $0.5312 at the time of writing. The native token of the XRP Ledger gained 1.05% on Thursday. Data from crypto intelligence tracker Santiment shows that Ripple hit a new all-time high in terms of a key metric — the number of tokens issued on the chain.

Daily Digest Market Movers: XRP Ledger notes massive spike in number of new tokens on the chain

• XRP Ledger hit an all-time high for the number of new tokens issued in a single day. That figure reached 213 on October 17. This marks a 200% increase from the previous record set in October 2021.

Daily new XRPL assets issued (XRP)

• The increase in the number of tokens issued can be attributed to the launch of First Ledger, a project that enables traders to trade tokens on the chain in a faster manner through Telegram.

• The protocol’s launch has pushed the number of tokens on the Ledger to a peak. Since then, it dropped to 12 on Thursday.
• A key market mover influencing XRP price is the Securities & Exchange Commission’s (SEC) appeal against the final ruling in the Ripple lawsuit.
• The payment remittance firm is set to submit Form C by the upcoming deadline of October 24. A failure to file the required document by midnight Eastern Standard Time would mean there will be no further oral arguments.

Technical analysis: XRP eyes 5% gain

XRP is in a downward trend since its peak of $0.7440 on March 11. Technical indicators, such as the Moving Average Convergence Divergence (MACD) and the Relative Strength Index (RSI), signal the potential for gain in the altcoin’s price.

The green histogram bars on the MACD and the upward sloping RSI at 43, under the neutral level, support the thesis for XRP price gain.

The native token of the XRP Ledger could rally nearly 5% and test resistance at $0.5550, a level that coincides with the Exponential Moving Averages (EMAs).

XRP/USDT daily chart

A daily candlestick close under the psychologically important $0.5000 level could invalidate the bullish thesis. XRP might then sweep liquidity at $0.4780, a key support level for the altcoin.