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- Welcome Kevin_Lee to the Gate Square! 🎉
Looking forward to more great crypto insights from him.
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The DeFi narrative heats up as XRP holds above the 200-day SMA.
Gate News bot message, as discussions about XRPFi (i.e., DeFi on the XRP Ledger) heat up on social media, XRP, which focuses on payments, has maintained its position above the 200-day Simple Moving Average (SMA) during overnight trading.
Strobe Finance stated that a large amount of XRP is currently idle and can be deployed to the DeFi space for additional returns. According to reports, Strobe Finance has created a DeFi platform on the XRP Ledger using the smart contract capabilities of the Ripple EVM sidechain.
"Ripple's community research reveals a vast dormant user base: over 4 million inactive XRPL wallets hold approximately $2.15 billion worth of XRP, while the number of active wallets stands at 1.7 million. These dormant funds represent a significant, untapped market, eagerly awaiting to be unlocked through attractive Decentralized Finance opportunities," Strobe stated in a blog post.
The chart shows that XRP trading is in a bullish zone, above the Ichimoku Cloud and the 200-day simple moving average (SMA). Since the beginning of April, this average has been a strong support or area of interest for buyers.
Source: CoinDesk