The XRP Ledger has logged a substantial increase in active wallets, according to analytics platform Santiment.
In fact, the number of unique active wallets with at least one transaction per day has spiked to the highest level in three months, reaching 35,799 unique wallets.
Notably, the XRP Ledger has also recorded the biggest number of newly created wallets within a single day since March 14.
It is not immediately clear why the network is suddenly seeing a substantial uptick in activity.
That said, the XRP cryptocurrency recently appeared in the spotlight due to the SEC's appeal in the Ripple case. The token experienced a sharp price drop within a short timeframe following the appeal. Due to this, XRP appeared among the assets that the crowd turned the most negative against in early October, according to Santiment.
The seventh-biggest cryptocurrency is currently changing hands at $0.54 after adding 1.1% over the past 24 hours. The recent uptick in wallet activity is yet to translate into a corresponding price increase.
10 wallets behind more than half of transactions
The lion's share of activity on the XRP Ledger is driven by a few major actors.
Last month, Artur Kirjakulov, CEO of XPMarket, revealed that only 10 wallets make up a whopping 58% of all transactions on the XRP Ledger. In fact, a single wallet accounts for a 15% share of all transactions.
However, he noted that this data should not be necessarily be used to support some oft-repeated centralization arguments against Ripple since some of the major wallets are not related to the company.
Dan Burgin
Vladislav Sopov