Despite XRP’s meager price performance, on-chain activity on the XRP Ledger (XRPL) has surged to multi-month highs as users renew traction to the blockchain.
Compared to other caliber crypto assets, XRP has recently performed poorly. For instance, despite improved broader market sentiments, altcoin has observed the least gains in the top eight crypto rankings.
Also, XRP remains the only asset within the top eight category, with a month-over-month price deficit. Other coins, including Bitcoin, Ethereum, and Solana, have increased by at least 5%, while the XRPL native token is down almost 6%, mainly due to the collapse earlier this month on the back of the SEC’s appeal notice in the Ripple case.
Notably, this lackluster price movement heralds suppression amid the regulatory issues triggered by the long-standing battle. The SEC renewed the case following the appeal it filed.
Amid all this, the XRP Ledger has somehow managed a spike in on-chain activities recently, showing major interest of investors in XRP. Data from Santiment shows that investor traction has returned to XRP and its underlying network as usage hits multi-month highs.
On-Chain Activity Sees Notable Uptick
According to the Santiment data, users have renewed interest in the XRP Ledger amid increased usage. About 35,799 wallet addresses were active on the XRPL network on Friday, the largest number since July 16.
Notably, this figure meant the number of active users making at least one transfer on the network spiked 80% from under 20,000 addresses the previous day.
Meanwhile, the surging user presence correlated with a spike in new addresses created on the XRP Ledger. For context, 3,858 new users created wallet addresses on the blockchain, suggesting a growth in adoption. It bears mentioning that the XRPL mandates a reserve of 10 XRP for each new wallet to hedge against spam accounts.
The last time new users registered on the network in such magnitude was on March 14, about seven months ago. Notably, the Friday surge followed a significant uptick on Thursday, as over 3,000 new wallet addresses were also created that day.
What’s Next for XRP?
Although the recent upsurge in on-chain activities has yet to affect XRP’s price, the community remains optimistic about an impending uptrend. For instance, community sentiments on CoinMarketCap show an 85% bullish disposition towards the seventh-largest crypto asset.
Furthermore, market analysts have looked past the recent underperformance, speculating ambitious XRP price movements. For context, expert Egrag stated that XRP would target $1.4679 after its impending range breakout before surging to $7.5.
Also, pundit Bobby A speculated a surge to $4 or $6, citing resilience in the wake of the SEC notice of appeal. He noted that XRP’s failure to trade below $0.51 after the filing could propel the asset to the price.
Meanwhile, XRP trades at $0.55 at press time, up over 1% in the past 24 hours.
DisClamier: This content is informational and should not be considered financial advice. The views expressed in this article may include the author’s personal opinions and do not reflect The Crypto Basic opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
