XRP Ledger Sets New Record for Activity as Prices Dip to $0.57
The XRP Ledger has recently witnessed a surge in activity, with both new and existing addresses reaching levels not seen since March. This increase comes at a time when XRP is experiencing a significant market correction, with prices dropping to $0.57.
New XRP wallets on the rise
According to on-chain data, the XRP Ledger saw the creation of 1,721 new XRP wallets in a single day, the highest number since March 30. This sudden increase in new wallet creations indicates a growing interest from new investors and a potential expansion of the user base.
In addition, the number of individual addresses interacting on the network reached 47,363 in a single day, the highest level since March 9. This rise in active addresses suggests not only increased trading activity but also a greater use of the XRP Ledger for various transactions.
Positive movement with a correction
Santiment, in response to community queries, noted that an uptick in network activity like this is generally a positive sign. However, there is often a “FOMO effect” at the initial stages of a spike, which can lead to a correction, as we are currently observing. The platform added that the real test is whether XRP’s activity can maintain these levels.
Market impact and price performance
Alongside the increase in on-chain activity, XRP’s price achieved its highest weekly gain ever, reaching a peak of $0.6378 on July 17. However, the price has since corrected to $0.5538, experiencing a 5% drop due to a broader market correction and profit-taking by traders.
In South Korea, XRP has recently surpassed Bitcoin in trading volume. It reached a 24-hour trading volume of $650 million on the country’s leading cryptocurrency exchanges, which is approximately 2.3 times higher than Bitcoin’s volume.
Fluctuations and notable withdrawals
Despite these positive trends, the XRP market has experienced significant fluctuations, with substantial withdrawal activities. Whale Alert data revealed that approximately $111.8 million worth of XRP was withdrawn from two major exchanges in a single day. The funds were moved to other prominent exchanges, including Bitso and Bitstamp.
It’s important to note that this article is for informational purposes only and should not be considered financial advice. The views expressed are the author’s personal opinions and do not reflect the opinion of The Crypto Basic. Readers are advised to conduct their own research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.