thecryptobasic.com
Santiment, a market intelligence platform, recently reported on X that XRP Ledger showed remarkable performance in July.
According to Santiment, a surge in activity, highlighted by significant whale transactions and network growth, propelled XRP to a 35% increase for the month. The asset’s social dominance has also climbed, although the price has slightly retracted recently.
Growing Interest?
From July 24 to 30, 9,482 new XRPL wallets were created, indicating growing interest and adoption. This surge suggests a positive trend for the XRP Ledger. In addition to the network growth, whale transactions also played a crucial role.
From July 17 to 23, there were 4,727 transactions exceeding $100,000. This significant activity by large holders shows confidence in XRP’s potential and drives price movements, as seen in the Santiment chart below.
High social dominance further boosted XRP’s profile within the crypto community. As of July 31, XRP discussions accounted for 2.59% of all tracked crypto-related conversations.
XRP’s Increased Liquidity
On-chain data also reveals that XRP traders responded positively to the market sentiment, bringing unusual levels of liquidity. A CryptoQuant chart tracks the total number of coins held on trading platforms and exchange-hosted wallets.
On July 1, traders held 2.68 billion XRP on Binance. By July 29, this number increased to 3.055 billion. This boost in liquidity, triggered by recent bullish statements, has contributed to the 35% price rally.
Ripple is Tokenizing Treasury Bills
Adding to the positive momentum, OpenEden is looking to introduce tokenized US Treasury bills on the XRP Ledger, with a $10 million contribution from Ripple. This initiative aims to enhance institutional access to decentralized finance by converting real-world assets into digital tokens.
OpenEden leads the way in tokenizing US T-bills, which are secured by short-term government debt obligations. They ensure compliance with regulatory standards through rigorous KYC and AML processes.