On-Chain Indicators Suggest the Bull is Back!

At least five on-chain indicators suggest the bull market may just be getting started.

Here's what we've got for you today:

  • 5 of 7 On-Chain Indicators Suggest the Bull Run is Just Beginning

  • JackTheRippler Acknowledges XRP is the Next Bitcoin

  • Kraken Dismisses Rumors of Tether (USDT) Delisting in Europe

  • XRPL On-Chain Transactions Jump 108% in Q1 2024

At least five on-chain indicators suggest the bull market may just be getting started.

  • Bitcoin's market dominance is still high at just over 56%, and it has been above 50% since October of 2023.

  • The Bitcoin MVRV Z-score is currently less than three and has not surpassed six since March 2021, suggesting it is below typical cycle peaks.

  • The Puell multiple, which typically peaks over three during cycle tops, dropped below one after the Apr. 20 halving and only reached 2.4 during the March 2024 price pump.

A well-known crypto analyst recently echoed the very optimistic views of Ripple’s CEO on the future of XRP.

  • In a Bloomberg interview, Ripple CEO Brad Garlinghouse shared his optimism about XRP’s potential. He suggested that XRP’s value could rise if some of its current challenges are addressed.

  • Analyst JackTheRippler agreed with Garlinghouse's views and even shared in an X post that XRP could be the next Bitcoin.

  • Despite a recent downturn with its price, XRP was able to secure a 4% price increase in the past week.

A Bloomberg article indicated that Kraken was "actively reviewing" Tether’s status to comply with the European Union’s upcoming MiCA framework.

  • Mark Greenberg, Kraken's global head of asset growth and management, confirmed that Kraken has no current plans to delist Tether (USDT) in Europe.

  • OKX delisted USDT in Europe in March, and Binance announced similar plans last September but has not yet acted on them.

  • The MiCA rules for stablecoins will take effect on Jun. 30, with broader crypto service provider regulations starting on Dec. 30.

The number of transactions on the XRP Ledger (XRPL) more than doubled from the fourth quarter of 2023 to the end of the first quarter of 2024.

  • On-chain transaction activity on the XRPL increased by 108% in Q1 of 2024. About 251.39 million transactions were recorded compared to 121.03 million in Q4 of 2023.

  • The average cost per transaction fell by 45% to approximately $0.000856.

  • The distribution of XRP trading volume among crypto exchanges stayed steady, with Binance, Bybit, and Upbit accounting for more than 70% of the total traded volume.



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