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The $XRP Ledger has set a new record regarding the number of $XRP holders as network activity on the blockchain reignites to multi-week highs.
Traction towards $XRP, the fourth-largest cryptocurrency by market cap, and the $XRP Ledger, its native network, has ticked up lately. As its price rebounded, holders grew considerably, and active users climbed to levels last seen several weeks ago.
Key Points
- Traction towards $XRP, the fourth-largest cryptocurrency by market, and the $XRP Ledger, its native network, has ticked up lately.
- Data shows that the number of non-empty addresses on the $XRP Ledger surged to 7.7 million on Monday, the highest in its 13+ year history.
- Concurrently, the number of active addresses on the $XRP Ledger reached 46,767, the highest level of user participation in the past five weeks.
- Over the last 48 hours, $XRP has surged 14% to reclaim $1.60 before slightly sliding, reflecting the growing network activities.
$XRP Ledger Non-Empty Wallets Hit New $ATH
Data from the market analytics platform Santiment showed that the number of non-empty addresses on the $XRP Ledger has surged to an unprecedented level. This metric surged to 7.7 million wallets on Monday, the highest level of adoption seen in the Ledger’s over 13-year history.
Notably, the number of holders on the Ledger has been steadily increasing, as users continue to create new non-empty wallets. This persisted even during periods of market downturns, suggesting they were capitalizing on dips to buy native tokens at a discount. Eventually, it reached the reported $ATH of 7.7 million holders, confirming the strong traction towards $XRP.
Active Addresses Hit 5-Week High
Concurrently, the number of active addresses on the $XRP Ledger also surged on Monday. Santiment reported that it reached 46,767 addresses, the highest amount of user participation in the past five weeks.
$XRP Ledger Hits 5-Week High in Active Addresses/Santiment">
This dates back to early February, when the number of active daily wallets climbed following $XRP’s drop to a 15-month low of $1.11. After the dip-buying, network activity slowed, coinciding with the token’s consolidation.
As prices began to regain ground, users slowly returned to the network. At the close of Monday, the daily active users on the network climbed to the multi-week high, confirming strong utility.
Renewed Traction Drags $XRP Price Higher
Santiment highlighted that this renewed network activity on the Ledger has been evident in the $XRP price. In the past 48 hours, the coin surged 14% to reclaim $1.60 before slightly sliding. This bullish push also saw it reclaim fourth place in the market cap ranking, displacing its former occupant, BNB.
Looking back further, $XRP has rebounded considerably from its February 6 low of $1.11. At $1.60 and the current market price of $1.52, it has grown by 38% and 45%, respectively, highlighting the benefits of buying the dip.
Meanwhile, some analysts consider this modest compared to what lies ahead for the XRPL native token. With its supply on exchanges thinning out and demand returning, market observers are predicting a rally to a new all-time high of $8.6 before the end of the year. However, this remains speculative, and there is no guarantee it would happen.