Despite XRP’s lackluster price performance, there has been a surge in on-chain activity on the XRP Ledger (XRPL) as investors show renewed interest in the blockchain. While other cryptocurrencies have seen gains in recent times, XRP has struggled to keep up, remaining the only top-eight asset with a month-over-month price deficit. This can be attributed to the collapse earlier this month following the SEC’s appeal notice in the Ripple case, which has created regulatory uncertainty.
However, despite these challenges, the XRP Ledger has experienced a notable increase in on-chain activities, indicating a strong investor interest in XRP. Data from Santiment reveals that the number of active wallet addresses on the XRPL network reached its highest level since July 16, with 35,799 addresses being active on Friday. This represents an 80% increase from the previous day.
Furthermore, there has been a surge in new addresses created on the XRP Ledger, suggesting growing adoption of the cryptocurrency. On Friday alone, 3,858 new users created wallet addresses on the blockchain, the highest number in the past seven months. This followed a significant uptick the previous day, with over 3,000 new wallet addresses also being created.
Despite the lack of impact on XRP’s price, the community remains optimistic about a potential uptrend. Community sentiments on CoinMarketCap show a bullish outlook towards XRP, with 85% of respondents expressing optimism. Market analysts have also speculated on ambitious price movements for XRP, with some experts predicting a target of $1.4679 after a range breakout, followed by a surge to $7.5. Others have suggested a potential rise to $4 or $6, citing the resilience of XRP in the face of the SEC’s appeal notice.
At the time of writing, XRP is trading at $0.55, showing a slight increase of over 1% in the past 24 hours. However, it’s important to note that this article is for informational purposes only and should not be considered financial advice. Readers are encouraged to conduct their own research before making any investment decisions.