The XRP Ledger has experienced a surge in activity, with both new and existing addresses reaching levels not seen since March in an unexpected burst that came along with a significant price rise of nearly 29% in a 30-day period.
On-chain data reveals a striking uptick in new XRP wallet creation, as in a single day last week a total of 1,721 fresh wallets were created, the highest daily count since March 30.
Similarly, the number of active addresses on the XRP Ledger has also soared. A peak of 47,363 individual addresses engaged with the network on a single day, marking the most intense period of activity since March 9, according to data from on-chain analytics firm Santiment.
XRP Ledger is seeing a substantial amount of both new addresses created and total addresses interacting on the network. Both are at their highest levels since March. pic.twitter.com/AIeWzwannc
— Santiment (@santimentfeed) July 18, 2024
As reported, according to popular cryptocurrency analyst Ali Martinez, crypto whales have bought over 140 million XRP worth around $84 million in just a week as the price of the cryptocurrency rose significantly.
The accumulation is growing at a time in which one analyst believes the price of XRP is set to explode to up to $36 in the near future as it entered “qualification mode.”
In a post shared on the microblogging platform X (formerly known as Twitter) with over 100,000 followers, pseudonymous cryptocurrency analyst Dark Defender said XRP has “entered the qualification mode” after bouncing off of the $0.39 mark to then surpass $0.60 and “entering the previous triangle.”
According to the cryptocurrency analyst, if XRP manages to break through the $0.6649 mark decisively, it would enter a breakout that could see its price hit a number of potential targets based on Fibonacci retracement levels at $1.88, $5.86, and even $18.23.
Notably, bullish narratives surrounding XRP have been surging after the cryptocurrency’s recent price move.
As CryptoGlobe reported, a popular cryptocurrency analyst going by Milkybull Crypto suggested to his over 70,000 followers on the microblogging platform X (formerly Twitter), that the XRP price rally was “just getting started,” and added he believes it’s going to be a rally similar to the one seen back in 2017.
Featured image via Pixabay.