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XRP Network Experiences Historic Address Activity Over Two Consecutive Days

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Tue, 30/05/2023 - 6:09
XRP Network Experiences Historic Address Activity Over Two Consecutive Days
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The XRP network has recorded two of the highest spikes in address activity in its history over two consecutive days, according to blockchain analytics platform Santiment.

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The data indicates a mild 4% decoupling from the rest of the altcoin pack, hinting at a possible upswing for XRP if it follows a similar trend to the activity spike it experienced on March 18. On that occasion, XRP's price appreciated significantly in the weeks following the address activity surge.

XRP currently sits at $0.502306, up 4.2% on the day, and exhibiting a strong 7.8% growth on the week. This mild decoupling and the consecutive days of heightened address activity indicate that XRP might be gearing up for a more decisive breakout, as its behavior diverges from the broader crypto market trends.

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For instance, Bitcoin and Ethereum, the two largest cryptocurrencies by market cap, have seen relatively flat or negative movements over the past week.

These historical address activity spikes come at a time of increased attention to Ripple and XRP. The company has been embroiled in a high-profile lawsuit with the US Securities and Exchange Commission (SEC) over the classification of XRP as a security.

However, Ripple's CEO Brad Garlinghouse recently hinted that the case could be resolved within weeks, offering a positive outlook that might have spurred some of the increased network activity.

A resolution of the SEC lawsuit could provide a much-needed boost to XRP's prospects, clearing uncertainties about its regulatory status and potentially leading to increased adoption. 

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