XRP ledger has set on-chain milestones as traders flock into July’s top-performing networks, indicating a significant rise in interest and activity. Santiment’s data highlighted both new addresses created and total addresses interacting on the network are at their highest levels since March. The chart, spanning from mid-April to mid-July shows 36,111 unique addresses interacting daily and a new address of 1,138, created in the network.
However, in a single day, 1,721 new XRP wallets were created, the highest since March 30th. Also, 47,363 individual addresses interacted on the network, a record since March 9th.
Price-wise, the asset fluctuated over time, as evidenced by the candlestick patterns, hovering in the range of $0.579841- $0.561784. Although, it’s challenging to predict if this surge in activity will directly translate to sustained price movement, historically, increased network activity has led to positive price trends. However, the initial spike often triggers a “FOMO effect,” leading to a subsequent correction, as observed now. The true test lies in whether XRP’s activity levels can sustain these levels in the coming days.
Over the last few weeks, the seventh-largest cryptocurrency, XRP has jumped over 50%, reaching over $0.6, the highest in a month. The surge was in tandem with the broader market momentum amidst the US presidential election. Also, the altcoin is in the midst of a key legal fight for the industry. Speculation is rife that Ripple might settle with the SEC sooner.
XRP Soars Amidst Potential Legal Resolution
When asked about such a possibility, Ripple Labs Chief Executive Officer Brad Garlinghouse stated, “I can’t comment on that specifically. Suffice it to say, that the ruling has been clear from the judge. We expect a resolution very soon, but can’t predict when the judge will rule there.”
Fuelling the speculations is the recent “closed meeting” scheduled on the SEC’s website for July 18 which the SEC spokesperson refused to divulge. However, industry experts are hopeful of a decisive fate of the Ripple-affiliated token.
“Investors and traders are anticipating there will be a conclusion about the status of XRP tokens,” said Zaheer Ebtikar, founder of crypto fund Split Capital.“The entirety about the altcoin is anything attached to what the regulations will be.“
