Ripple’s active sending addresses recently reached a six-month high, with over 12,230 addresses actively participating in transactions. Despite the surge in sending addresses, XRP fell over 5% in the last trading session.
Ripple (XRP) has recently seen a spike in network activity, with active sending addresses reaching a six-month high. This increase suggests increased user engagement within the network.
Typically, an increase in blockchain activity correlates with increased interest in a project, which begs the question of how this matches up with XRP’s weighted sentiment and price movement.
Sending addresses reach 6-month peak
According to CryptoQuant data, active sending addresses on Ripple have surged to 12,230, the highest level in the past six months.
This spike likely indicates renewed interest in XRP transactions from both users and developers.
Source: CryptoQuant
An increase in active sending addresses often indicates broader network adoption, which could be a catalyst for further market activity.
While this spike may indicate increased interest, it remains to be seen whether this momentum will continue. It will also be interesting to note whether it is a temporary uptick related to recent developments in the ecosystem.
Ripple emotions are still complex even in the middle of activities
Despite the increase in network activity, Ripple’s weighted sentiment has not yet shown a clear positive or negative trend.
Rather than settling on a single trend, sentiment analysis shows mixed trends that fluctuate depending on market conditions.
Weighted sentiment measures market confidence, and current sentiment indicates that investors remain somewhat cautious about XRP’s near-term prospects.
Source: Santiment
This sentiment could mean that despite high network activity, investors are waiting for additional indicators of sustained growth before making any big moves.
XRP shows slight gains
XRP price has been on a slow rise and is currently trading around $0.5123, up 2.11% on the day.
Technically, XRP was still trading below its 50-day moving average of $0.5569 and below its 200-day moving average of $0.5375 at the time of writing. This trend indicates an overall bearish sentiment.
Source: TradingView
However, increased network activity and these slight price increases suggest a potential change in market sentiment.
Realistic or not, the XRP market cap in BTC terms is:
With an average true range (ATR) of 0.0216, XRP’s recent price movements have shown low volatility, reflecting stability.
If network activity remains strong and sentiment improves, XRP could be well-positioned for further gains. This move could signal broader changes in the market.
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