XRP Price Dip Fails to Dampen XRP Ledger Activity Ripple News Reports Record Highs
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Despite XRP’s price struggles, the XRP Ledger (XRPL) has seen a significant increase in on-chain activity.
Ripple’s recent launch of its new stablecoin, RLUSD, on both XRPL and Ethereum has played a crucial role in driving the surge.
Despite XRP’s current price, the community remains bullish, with many analysts predicting future price increases.
XRP may not be performing well in terms of price, but activity on the XRP Ledger (XRPL) has surged to its highest levels in months as users return to the platform. While XRP is the only major cryptocurrency among the top eight to experience a month-over-month decline, other coins like
Bitcoin, Ethereum, and Solana
have gained at least 5%. This drop in XRP’s price follows a recent decline after the SEC’s appeal in the ongoing Ripple case, which has cast a shadow over the asset.
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Despite these challenges, the XRPL is seeing a significant rise in on-chain activity, indicating renewed interest and engagement from investors, according to data from Santiment.
Let’s dive in to know more!
On-Chain Activity Ramps Up
Recent insights from Santiment show a remarkable increase in wallet activity on the XRP Ledger. On one day alone, 35,799 unique wallets were involved in transfers, marking the highest level of activity in over three months. This surge indicates that more users are engaging with the XRP network. Additionally, 3,858 new wallets were created each day, the highest rate in over seven months.
This influx of new wallets suggests growing interest in XRP and its potential applications.
?? XRP Ledger has spiked in active wallets significantly, reaching 35,799 unique wallets making at least one transfer in a single day, the highest in over 3 months. Additionally, 3,858 new wallets were created in a single day, the highest amount in over 7 months!
pic.twitter.com/DcwTzh8NcE
— Santiment (@santimentfeed)
October 20, 2024
Daily active addresses are important for measuring user engagement and assessing the overall health of the XRP network. The rise in active addresses throughout Q4 2024 shows that more users are adopting the XRP Ledger.
Interestingly, the increase in daily transactions highlights the XRP Ledger’s popularity for various activities, positioning XRP as a strong contender in the
crypto market.
RLUSD – Ripple’s Game Changer?!
A key factor driving the recent surge in wallet activity is Ripple’s introduction of its new stablecoin, RLUSD, on both the XRP Ledger and Ethereum networks. In its first phase, 385 RLUSD tokens were minted—185 on the XRP Ledger and 200 on Ethereum. This stablecoin is pegged to the U.S. dollar (1 RLUSD = 1 USD) and is backed by a mix of dollar deposits, short-term U.S. government bonds, and cash. To ensure transparency, its reserves are audited monthly.
Also Read :
Ripple vs SEC Lawsuit Update: XRP Is Officially Not a Security – Here’s Why
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XRP Price Analysis
While XRP’s price does not currently reflect the recent spike in on-chain activity, the community remains hopeful about a potential price increase. Market sentiment shows that an impressive 85% of users are bullish on XRP, which is currently the seventh-largest cryptocurrency.
Recently, Arthur Kirjakulov, CEO of XPmarket, pointed out that ten wallets account for 58% of all transactions, with one wallet alone making up 15%. However, he cautioned against drawing too many conclusions, as many major wallets may not be directly linked to Ripple.
What’s Next for XRP?
Crypto analysts like Egrag predict that XRP could reach $1.4679 after breaking out of its current range, eventually aiming for $7.5. Another analyst, Bobby A, believes XRP could rise to $4 or $6, especially since it hasn’t dropped below $0.51 following the SEC’s notice of appeal. As of now, XRP is trading at $0.55, having gained over 1% in the last 24 hours.
Is the XRP rally finally here?
Tell us what you think.
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Ripple (XRP)