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XRP Records Highest Network Growth for First Time in Three Months

Fri, 10/07/2022 - 21:32
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Wahid Pessarlay
2,273 new wallets created as XRP Ledger blockchain records the highest day of network growth since July amid a 5% surge in the price of XRP per data from Santiment
XRP Records Highest Network Growth for First Time in Three Months
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According to data from crypto analytics platform Santiment, the XRP Ledger blockchain has just recorded its highest day of network growth since July amid a spike in the price of its native token Ripple (XRP). 

Per the data, the Layer 1 blockchain network saw 2,273 new wallet addresses created today. This jump in users of the open-source network coincided with a 5% rise in the price of XRP back over $0.52. According to Santiment, the price action was a mild decoupling for the rest of the crypto market. 

The network growth has also come on the back of the recent Unique Node List (UNL) upgrade of XRPL. The upgrade has reduced the number of nodes controlled by Ripple, the tech company that created the blockchain, to two (or 5.8%) of the 35 nodes validating transactions on the public network.  

The upgrade — which is part of the blockchain's vision to promote decentralization — also added a new validator entity, xSPECTER. The XRPL Foundation noted that the validator had proven itself to be active and reliable. 

XRP expected to surge explosively on Ripple vs SEC case resolution 

While the token has been outperforming the crypto market in the past few days, XRP proponents expect to see a parabolic price increase when the perennial SEC case against Ripple is resolved. 

The case began in 2020 when the SEC alleged that XRP was a security and hence all sales of the token by Ripple were unregistered securities offerings. In the latest development in the case, Ripple filed an objection to the SEC's motion to prevent two third-party firms — I-Remit and TapJets — that have been granted amicus curiae status by the court from filing new briefs in the case.

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About the author

Wahid is an experienced writer, interested in everything decentralized since 2019.

Before joining U.Today, he wrote for some of the top DeFi and CeFi outlets, bringing in millions of views and educating readers with his knowledge of the industry.