Ripple’s native digital network XRP Ledger (XRPL) recently recorded an all-time high in a key metric. There has been a remarkable surge in its network engagement leading to a high number of wallets generated.
XRP Ledger Experience Massive Network Adoption in July
The XRP Ledger has proven not to be a ghost chain. It has recently witnessed a significant network transaction not seen in four months. This growth trend stems from users impressively generating new addresses. Also, there has been a surge in total addresses interacting on the network. This is recorded as a new peak level seen since March.
In a X post, Santiment, a crypto intelligence platform revealed data that shows XRPL is among the top-performing blockchains in July. It has an average record of 1,721 new wallets generated in a day. Notably, 47,363 individual addresses were active on the network. This impressive feat after the digital network experienced a notable growth as its Total Volume Locked (TVL) exceeded $10 million in late June.Â
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
Market experts and crypto enthusiasts are left wondering if this new peak engagement on XRPL automatically means there will be a boost in XRP market price. This is because, primarily, a surge in network activity often leads to a higher demand on underlying assets. Santiment, however, cautioned that market’s unpredictability can potentially cause the initial spike to retrace.
This means that traders should not mainly focus on this surge. Rather, they should be concerned on whether XRP’s activity can maintain these growth levels over time.Â
XRP Upward Bullish MovementÂ
The crypto community speculates that recent activities that occurred on the network propelled its activity uptick. These include minting the World Expo 2025 Non-fungible (NFTs) token on the network, the tokenization of real-world assets (RWAs)Â and many more.Â
Furthermore, this address surge comes at a time when the XRP’s price is not stable. Early in July, the digital asset saw a big 50% jump in price. Also, the XRP trading volume had a good headstart. Subsequently, unstable price action returned amid market uncertainty.
At the time of writing, XRP’s price is up 7% to $0.6394, the highest price seen this month. Market experts wonder if XRP has finally reached its floor amid the 7% surge at the moment.
Disclaimer: The information provided in this article is for informational purposes only. It does not constitute investment, financial, trading, or any other sort of advice. You should not treat any of BGEcrypto’s content as such. BGEcrypto does not recommend that any cryptocurrency should be bought, sold, or held by you. Do your due diligence and consult your financial advisor before making any investment decisions.
