According to data provided by analytics firm Santiment, the XRP Ledger network continues to enjoy rather strong growth.
The network is still maintaining roughly 7,500 wallets per day, which shows significant demand.
The XRP Ledger network peaked with more than 11,000 wallets being created on a single day on July 17. On that day, the price of the controversial token recorded a 14.6% price increase. XRP went on to reach a new record high the following day.
As reported by U.Today, XRP logged a disastrous double-digit drop on Wednesday. This was mainly driven by extremely intense selling pressure on Upbit, South Korea's main cryptocurrency exchange.
After briefly dipping below the make-or-break-it $3 level earlier today, the token is now seeing moderate recovery, peaking at $3.26 on the Bitstamp exchange.
Bolstered by strong network growth, XRP is now "looking to bounce back" to its lifetime high of $3.64, which was recorded last week.
It is likely that possible support is forming around the $3.2 level after buyers stepped in. XRP is on track to close near the top of the range of the current candle, which signals some much-needed strength.
However, it is worth noting that one should not read too much into the recent recovery attempt since this might as well be a dead cat bounce.
The token has recovered together with the broader altcoin sector, meaning that it is likely not XRP-specific.
Ethereum, XRP's key rival, is up by 4%, currently approaching the $3,800 level. Meanwhile, Bitcoin is close to reclaiming $120,000.
Vladislav Sopov
U.Today Editorial Team