- XRP on-chain activity has surged, with active addresses reaching a six-month high of 12,230.
- New wallet creations increased by 10.39%, while overall transaction volumes declined.
- Despite this uptick, XRP’s price recently fell below $0.50 due to broader market concerns.
Activity on the XRP blockchain is experiencing a remarkable resurgence. Recent data from CryptoQuant highlights a significant uptick in on-chain activity for XRP, with the number of active sending addresses reaching a six-month peak.
This renewed momentum has seen 12,230 active addresses engaged in daily activity, indicating a resurgence in market interest in XRP.
What Heightened On-Chain Activity Means for XRP
CryptoQuant analyst Maartunn pointed out that this uptick strongly indicates shifting sentiment in favor of XRP and potentially the broader crypto market. Increasing active addresses often reflects heightened interest and asset movement on a blockchain, suggesting a rise in XRP’s relevance and utility.
Maartunn concluded by noting that whether this momentum will persist remains to be seen, but the recent activity is an encouraging sign for XRP holders.
XRP Price Performance Lags Behind
Notably, this spike in XRP on-chain activity comes at a time when XRP is trading around $0.51. On Friday, XRP fell below $0.50 for the first time since August.
The decline in XRP’s price mirrored a broader market downturn on Friday evening following a Wall Street Journal report that Tether (USDT) was under investigation for money laundering.
This news negatively impacted the entire crypto market, causing XRP to drop to a two-month low of $0.4935. However, after Tether’s CEO denied the report and asserted that there was no ongoing investigation, XRP rebounded to around $0.5150.
XRP Ledger Shows Mixed Results
Meanwhile, a recently disclosed analysis of XRP Ledger’s on-chain activity by CryptoQuant reveals that between September 15 and October 15, new wallet creations increased by 10.39%, adding 18,321 accounts.
However, total transactions fell by 17.57%, processing 18.82 million, and payment transactions dropped significantly by 26.16% to 6.81 million. This suggests that while more wallets are created, users make fewer transactions overall.
On a positive note, automated market maker (AMM) liquidity provision grew significantly. AMM deposit activity rose by 62.35%, and AMM creation surged by 143.10%. The total value in these AMM pools reached 27 million XRP, with approximately 14 million XRP currently locked across over 3,000 active pools.
Disclaimer: The information presented in this article is for informational and educational purposes only. The article does not constitute financial advice or advice of any kind. Coin Edition is not responsible for any losses incurred as a result of the utilization of content, products, or services mentioned. Readers are advised to exercise caution before taking any action related to the company.
Read the full article here
