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Unprecedented XRP Activity Could Signal Unique Price Behaviour: Santiment

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Wed, 31/05/2023 - 19:51
Unprecedented XRP Activity Could Signal Unique Price Behaviour: Santiment
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XRP, the cryptocurrency associated with blockchain firm Ripple, is currently the top trending asset in the crypto space after experiencing a significant 22% price surge over the past 19 days, according to crypto analytics platform Santiment.

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The 6th ranked crypto asset is witnessing historically high address activity surges, suggesting that the crypto's price might be gearing up for a unique behavior in the foreseeable future.

As reported by U.Today, leading crypto trader DonAlt has sparked speculation that XRP could soon hit the $1 mark, a price level unseen since November 2021.

Unprecedented surges in address activity observed over a two-day streak have cast rays of hope on the cryptocurrency. This comes as XRP is attempting to break away from the broader crypto sphere.

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XRP's journey has been clouded by Ripple's ongoing high-profile lawsuit with the SEC over the classification of XRP as a security. This ongoing legal tug-of-war has sown seeds of doubt regarding the long-term trajectory of the XRP token. Despite this, Ripple's Brad Garlinghouse recently dropped hints about a potential thaw in the icy standoff in the forthcoming weeks.

John Deaton, an XRP-friendly lawyer, has echoed the sentiment that a favorable outcome in the SEC lawsuit could considerably drive the XRP price.

However, it's worth noting that despite the current optimism, XRP is still down more than 80% from its record high that was set back in January 2018.

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