- XRP Ledger witnessed significant growth in new addresses created.
- The blockchain also saw an uptick in the total addresses interacting with the network.
- XRP is up around 23% in the last seven days, outperforming major altcoins.
The XRP Ledger, the underlying blockchain of the XRP cryptocurrency, has seen a surge of activity as the broader crypto market rebounds. This heightened network engagement could signal a significant price increase for XRP in the near future.
In a post on X (formerly Twitter), blockchain analysis platform Santiment noted that XRP saw significant growth in both new addresses created and total addresses interacting on the network. Both values are the highest since March.
However, Santiment further stated that the rising levels of network activity are a test of XRP Ledger’s strength and XRP token’s popularity, adding:
“There is often a “FOMO effect” at the initial stages when the spike happens that causes a correction, like we are seeing. Now is the test to see if XRP’s activity maintains these levels.”
Meanwhile, growth was also evident in the price action of the XRP token. As of press time, XRP is trading at $0.5558, down 8.22% in the past 24 hours, according to CoinMarketCap data. The cryptocurrency is ranked seventh in terms of market capitalization, which stands at $31 billion.
Notably, XRP is up 23% in the past seven days and 12% in the past 30 days, but down 30.82% since July 2023, making it one of the worst-performing tokens in this cycle. However, in the past few days, the altcoin has shown bullish potential.
The chart provided by TradingView shows that buying demand for XRP has skyrocketed in the past few weeks, as evidenced by the six bullish daily candles. The price action reclaimed the $0.60 level a few days ago, but bulls were unable to maintain prices above it.
The Relative Strength Index (RSI) of the cryptocurrency reads a value of 59.91, which suggests that buyers are still in control of the token’s price action. However, the gradient of the line suggests that a correction is underway.
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