- Ripple saw a record-breaking spike in new addresses, with nearly 4,150 created on October 20th, the highest since March.
- Despite a surge in new and active addresses, XRP’s price remains stable, showing limited reaction to positive on-chain trends.
As a seasoned researcher with years of experience in analyzing cryptocurrency markets, I find it fascinating to observe the dynamic trends within the crypto space. The recent surge in new and active addresses for Ripple [XRP] is particularly intriguing, given the record-breaking figures we’ve seen in the past few days.
An examination of Ripple [XRP] accounts has revealed a significant increase in newly created accounts over the past couple of days. Moreover, there’s been an uptick in daily active addresses, indicating heightened on-chain activity. Despite this robust on-chain action, the price hasn’t shown any signs of reacting to these favorable trends on the blockchain.
Ripple’s new addresses spike
On the 17th of October, data from Santiment shows that Ripple saw an increase in the formation of new user accounts, totaling 1,672 new addresses. This upward trend continued beyond that day.
On the 19th of October, the daily count of newly created wallets reached more than 3,000, which was the highest daily increase in wallet creation since March.
On October 20th, Ripple achieved a remarkable milestone, creating close to 4,150 new user accounts in just one day, marking a significant increase compared to previous days.
The significant surge suggests a rising enthusiasm towards Ripple, as an increasing number of wallets are being developed, indicating robust user interaction within the system.
More Ripple addresses become active
As a researcher observing Ripple’s network, I’ve noticed an intriguing increase not just in new addresses, but also in the daily activity of existing ones. On October 19th, the number of active addresses peaked at a staggering 36,000 – the highest it’s been since July.
Even though the number dropped to around 23,000 the following day, it still marked the third-highest active address count in the month.
The significant increase in daily active addresses implies that a large number of freshly generated addresses might be getting utilized, possibly for transactions and various network interactions. This rise in on-chain activity indicates a rising curiosity and user involvement within the Ripple community.
XRP yet to respond to positive on-chain signals
Although the robust indications from blockchain activity suggest otherwise, Ripple’s (XRP) value hasn’t seen a significant jump as a result of the recent increases in both new and active accounts. In fact, when we look at its daily price graph, there’s been minimal fluctuation in XRP’s cost over the last few days.
Despite this, the price of XRP persists in trading over its 200-day moving average (represented by the blue line). This moving average has proven to be a robust point of support at roughly $0.50.
Conversely, the 50-day moving average (depicted by the yellow line) persists in serving as a barrier for prices at roughly the same level. Currently, Ripple trades at about $0.55, displaying a slight incline in its price movement.
Realistic or not, here’s XRP market cap in BTC’s terms
The Relative Strength Index (RSI) signals that although XRP continues to move within a downtrend, the decline’s intensity has lessened, hinting that the market could soon experience a change in direction.
Currently, the price is holding steady, but the rise in both new and ongoing user engagement suggests an uptick in activity that might influence Ripple’s price in the near future.
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2024-10-21 22:15