XRP Ledger is experiencing an eye-catching increase in network activity, with new addresses created in an epic manner and total addresses interacting at their highest levels in four months.
Thus, according to Santiment, XRPL is one of July's top-performing blockchains, with 1,721 new wallets created in a single day — the most since the end of March. More to the point, 47,363 individual addresses interacted on the network, the highest number since the beginning.
Godfrey BenjaminSantiment was then questioned as to whether this metric typically translates into price movement. The response was that an increase in network activity often leads to positive price movement.
However, it is noted that a FOMO effect at the initial stages of such spikes often results in a correction, as of current trends. The real test lies in whether XRP's activity can sustain these levels, responds Santiment.
XRP takes traders on a ride - Buckle up!
This surge in addresses coincides with a roller coaster of price action for XRP. The popular cryptocurrency saw its price soar by 50% earlier in the month before experiencing a 14% decline. As of now, the XRP price stands at $0.56, still marking its highest level in three months.
Gamza KhanzadaevIt remains uncertain whether the growth in addresses is a precursor to further price fluctuations or a result of the 50% price increase that has already occurred. One thing is for sure, the ongoing activity on the XRP network will be crucial in determining its future price movements.
Arman Shirinyan
Dan Burgin
Alex Dovbnya