Despite XRP’s poor price performance, on-chain activity on the XRP Ledger (XRPL) has surged to multi-month highs as users regain traction on the blockchain.
Compared to other good crypto assets, XRP has performed poorly recently. For example, it was observed that altcoins had the least increase among the top eight cryptocurrencies rankings, even though the overall market sentiment improved.
Additionally, the only asset within the top 8 categories is XRP, which has a month-over-month price difference. The XRPL native token is down almost 6% while other coins such as Bitcoin, Ethereum, and Solana are up at least 5%. This is mainly due to the drop earlier this month following the SEC’s notice of appeal in the Ripple case. .
Notably, this lackluster price movement is a harbinger of repression amid regulatory issues brought on by years of battles. The SEC updated the lawsuit in response to the allegations.
Amid this situation, the XRP Ledger has recently managed to cope with a surge in on-chain activity, indicating significant investor interest in XRP. According to data from Santiment, investor traction is returning to XRP and its underlying network as usage reaches multi-month highs.
https://x.com/thecryptabasic
Significant increase in on-chain activity
According to Santiment data, users are renewing their interest in the XRP Ledger as usage increases. Approximately 35,799 wallet addresses were active on the XRPL network on Friday, the highest number since July 16th.
Specifically, this number means that the number of active users making at least one transfer on the network has jumped 80% from less than 20,000 addresses the previous day.
Meanwhile, the spike in user presence correlated with a spike in new addresses being created on the XRP Ledger. For context, 3,858 new users created wallet addresses on the blockchain, suggesting increased adoption. It should be mentioned that XRPL mandates a reserve of 10 XRP for each new wallet to prevent spam accounts.
The last time such a large number of new users signed up for the network was on March 14, about seven months ago. Notably, Friday’s spike followed Thursday’s significant increase, as over 3,000 new wallet addresses were also created that day.
XRP on-chain activity per Santiment
What’s next for XRP?
Although the recent surge in on-chain activity has yet to impact the price of XRP, the community remains optimistic about an impending upward trend. For example, community sentiment on CoinMarketCap is 85% bullish on the 7th largest crypto asset.
Furthermore, market analysts are speculating on ambitious XRP price moves, overlooking the recent underperformance. For context, expert Egrag said that after an impending range breakout, XRP will target $1.4679 before surging to $7.5.
Commentator Bobby A. also speculated on a rise to $4 or $6, citing resilience after the SEC’s notice of appeal. He noted that XRP’s inability to trade below $0.51 after filing could cause the asset’s price to rise.
Meanwhile, XRP is trading at $0.55 at the time of writing, up more than 1% in the past 24 hours.
Disclaimer: This content is informational and should not be considered financial advice. The views expressed in this article may include the personal opinions of the author and do not reflect the opinions of The Crypto Basic. We encourage our readers to conduct thorough research before making any investment decisions. Crypto Basic is not responsible for any financial losses.
