Record Activity in XRP Ledger Amidst Market Correction
The XRP Ledger has recently witnessed a surge in activity with both new and existing addresses, reaching levels not seen since March. This increase in activity comes at a time when XRP is facing a market correction, with prices dropping to $0.57.
According to on-chain data, the XRP Ledger saw the creation of 1,721 new XRP wallets in a single day, the highest number since March 30. This spike in new wallet creations indicates a growing interest from new investors and a potential expansion of the user base.
In addition, the number of individual addresses interacting on the network reached 47,363 in a single day, the highest level since March 9. This rise in active addresses suggests not only increased trading activity but also a greater utilization of the XRP Ledger for various transactions.
Responding to community queries, Santiment acknowledged the positive movement with an uptick in network activity. However, it also noted that there is often a “FOMO effect” at the initial stages of a spike, leading to a correction, which is currently being observed. The platform added that the current test is to see if XRP’s activity can maintain these levels.
Parallel to the increase in on-chain activity, XRP’s price achieved its highest weekly gain ever, reaching $0.6378 on July 17. However, the price has since corrected to $0.5538, experiencing a 5% drop due to a broader market correction and profit-taking by traders.
In South Korea, XRP has recently surpassed Bitcoin in trading volume, reaching a high of $650 million 24-hour trading volume on the country’s leading cryptocurrency exchanges, surpassing Bitcoin’s volume by about 2.3 times.
Despite these positive trends, the XRP market has experienced notable fluctuations, highlighted by significant withdrawal activities. Data from Whale Alert revealed that approximately $111.8 million worth of XRP was withdrawn from two major exchanges in a single day. The funds were moved to other prominent exchanges, including Bitso and Bitstamp.
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