XRP Ledger Witnesses Surprising Surge in Activity as Price Spikes by 29%
In an unexpected turn of events, the XRP Ledger has seen a sharp increase in activity, with both new and existing addresses reaching levels not seen since March. This surge in activity has coincided with a significant price rise of nearly 29% over a 30-day period.
On-chain data reveals a remarkable rise in the creation of new XRP wallets. In a single day last week, a total of 1,721 fresh wallets were created, marking the highest daily count since March 30.
Additionally, the number of active addresses on the XRP Ledger has soared. On a single day, there were a peak of 47,363 individual addresses engaging with the network, marking the most intense period of activity since March 9, according to data from on-chain analytics firm Santiment.
Crypto whales have also been accumulating XRP, with over 140 million XRP worth approximately $84 million being bought in just a week. This accumulation coincides with predictions from an analyst who believes XRP’s price is set to explode to up to $36 in the near future, as it has entered a “qualification mode.”
According to the analyst, if XRP decisively breaks through the $0.6649 mark, it could see a breakout that would potentially reach price targets based on Fibonacci retracement levels at $1.88, $5.86, and even $18.23.
The recent price move has sparked bullish narratives surrounding XRP, with some analysts suggesting that the rally is just getting started, comparing it to the rally seen in 2017.
Overall, the surge in XRP Ledger activity and the accompanying price spike have generated excitement and optimism among investors and analysts alike.