Even as other cryptocurrencies cooled off, XRP continued to slowly inch towards its yearly highs. It rallied by 12% over the past 24 hours, which catapulted its weekly gains to a whopping 60%.
The crypto-asset has performed significantly well this month despite Ripple being embattled by the lawsuit from the Securities and Exchange Commission [SEC]. As a matter of fact, the blockchain company forged important deals including its partnership with South Korean GME Remittance to join the former’s payment network RippleNet.
This came just a month after Japan’s money-transfer provider SBI Remit joined hands with mobile payments service Coins.ph and digital asset exchange platform SBI VC Trade to conduct remittance payments from Japan to the Philippines using Ripple’s on-demand liquidity [ODL] service.
The latest string developments have helped XRP to stay afloat $1. To top that, the rally that followed can be described as a sigh of relief to the investors as the altcoin increased from a modest $0.5.
XRP’s Development Activity
Well, for one XRP’s price recovery was backed by a solid rise in development activity. This was according to the crypto-analytic platform, Santiment, which noted that the XRP network was closing in on a higher daily GitHub development rate than Bitcoin, an activity that has rarely occurred. Decoupling from Bitcoin has been one of the major drivers for the crypto-assets price action of late.
In addition to that, it was not just the development activity on the digital asset’s network that was approaching new all-time high levels at the time of writing. Its daily active addresses too followed a strong uptrend coupled with high trade volumes and soaring prices.
Santiment’s tweet regarding the same read,
“XRP has pumped to $1.189 today for an impressive 3-month high. Before it decoupled from the crypto pack, we saw hints of development activity skyrocketing. XRP’s team is now submitting the highest github activity rate in the asset’s history.”