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XRP Active Users Spike to 3-Month High as Price Skyrockets 50%

Tue, 02/08/2022 - 09:57
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Tomiwabold Olajide
XRP number of active users reaches a three-month high as price soars 50%
XRP Active Users Spike to 3-Month High as Price Skyrockets 50%
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According to Santiment, the XRP price is reflecting the latest growth in its network, skyrocketing by 50% since Feb. 3, when it began its upward rise. XRP is set to mark the sixth green day as it surges to highs of $0.91 on Feb. 8. XRP presently trades at $0.84, as seen on Binance Exchange.

On-chain analytics firm Santiment notes that XRP's daily active addresses have seen a steady uptick in recent months. At present prices, Santiment notes that XRP active addresses are at levels seen in early November, nearly three months ago.

Looking at DAAs (Daily Active Addresses) is a good technique to track network activity over time because higher DAAs indicate more blockchain usage. As a result, DAAs are sometimes used as a leading indicator for price movement—demand for network access may increase demand for the blockchain's native token.

Updates in Ripple lawsuit

According to court filings, Judge Analisa Torres has granted Ripple permission to respond to the SEC's Memorandum of Law in support of the Motion to Strike fair notice defense. Judge Torres also ordered the unsealing of three papers related to the SEC v. Ripple lawsuit, including the email thread and deposition notice of Ripple CEO Brad Garlinghouse and the email string of founder Chris Larsen.

John Deaton, the attorney for XRP holders, suggests that it would be "near impossible to prove any real correlation" between the price of XRP and Ripple's public pronouncements, according to the report. The SEC must also prove that Brad Garlinghouse and Chris Larsen sold XRP in the United States, according to the crypto law founder.

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About the author

Tomiwabold is a cryptocurrency analyst and an experienced technical analyst. He pays close attention to cryptocurrency research, conducting comprehensive price analysis and exchanging predictions of estimated market trends. Tomiwabold earned his degree at the University of Lagos.