On-Chain Indicators Suggest the Bull is Back!

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

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

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.

👍️ JackTheRippler Acknowledges XRP is the Next Bitcoin

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.

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

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.

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

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.

👀 QUICK NEWS

• SEC on the Clock: Will Ethereum ETFs Finally Get Approved?

• Bitcoin Would Need to Hit $93K to Flip Silver Right Now

• Tornado Cash Verdict Has Chilling Implications for Crypto Industry

• NFT Weekly Sales Drop 9% to $145M, Bitcoin Leads Despite Downturn

• Number of New Bitcoin Wallets Drops to Lowest Level Since 2018

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