Ripple Update XRP Price Holds Steady at 055 Amidst Surge in Wallet Activity to 35799
XRP’s price may not be performing well, but the XRP Ledger (XRPL) is witnessing a surge in activity as users return to the platform. While XRP has struggled compared to other major cryptocurrencies like Bitcoin, Ethereum, and Solana, which have seen gains of at least 5%, XRP has been the only one to experience a month-over-month decline. This decline can be attributed to the SEC’s recent appeal in the ongoing Ripple case, which has cast a shadow over the asset.
Despite these challenges, the XRPL is experiencing a resurgence in on-chain activity, indicating renewed investor interest and engagement. According to data from Santiment, there has been a significant increase in wallet activity on the XRP Ledger. In a single day, 35,799 unique wallets were involved in making transfers, the highest level of activity in over 3 months. Additionally, there were 3,858 new wallets created daily, the highest rate seen in over 7 months. This influx of new wallets suggests a growing interest in XRP and its potential applications.
The rise in daily active addresses throughout Q4 2024 further demonstrates the increasing adoption of the XRP Ledger. Moreover, the increasing number of daily transactions highlights the growing popularity of the XRP Ledger for various activities, positioning XRP as a strong competitor in the crypto market.
The recent surge in wallet activity can be attributed to Ripple’s launch of its new stablecoin, RLUSD, on both the XRP Ledger and Ethereum networks. In the initial phase, 385 RLUSD tokens were minted, with 185 on the XRP Ledger and 200 on Ethereum. This stablecoin is pegged to the U.S. dollar and is supported by a combination of dollar deposits, short-term U.S. government bonds, and cash. To ensure transparency, its reserves are audited monthly.
Despite the lack of price reflection for the spike in on-chain activities, the XRP community remains optimistic about a future price increase. Market sentiments indicate that 85% of users are bullish on XRP. Although there are major wallets that account for a significant portion of transactions, it’s important to note that many of these wallets may not be directly linked with Ripple.
Crypto analysts like Egrag predict that XRP could reach $1.4679 after breaking out of its current range, with a long-term target of $7.5. Another analyst, Bobby A, believes that XRP could rise to $4 or $6, especially since it has not dropped below $0.51 following the SEC’s notice of appeal. Currently, XRP is trading at $0.55, showing a gain of over 1% in the last 24 hours.