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HomeCrypto NewsMarketXRP Sees Largest Address Activity Spikes as It Stages First Breakaway in 9 Months

XRP Sees Largest Address Activity Spikes as It Stages First Breakaway in 9 Months

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The last time XRP witnessed a similar address activity surge was in March of this year, which resulted in an impressive 45% rally a few days later.

XRP just witnessed its second and third largest address activity spikes of all time in the past 2 days. These spikes have occurred as XRP decouples from the rest of the altcoin market, posting impressive gains in the past few days. The last time this activity spike occurred, XRP embarked on a solo run that led to a 45% gain.

Santiment, a prominent crypto behavior analytics platform, highlighted this spike in address activity today. 

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Per data from the Santiment chart, up to 490.35K XRP addresses interacted with the network on May 28. This marked the second largest spike of all time, and comes two months after the network saw the largest spike of 871.98K addresses in March. 

In addition, the chart also indicates another spike of 281.72K daily active addresses on May 29, marking the third largest surge of all time. Notably, the previous spike observed in March eventually led to a 45% increase in XRP’s price a few days later, as the asset decoupled from the rest of the market, staging a solo run.

XRP Decoupling from the Market; Another Solo Run?

Interestingly, XRP is once again showing signs of a similar behavior. According to Santiment, the asset is currently showing a mild +4% decoupling from the broader altcoin market. With a 4.46% gain in the past 24 hours, XRP is the largest gainer among the top 30 assets, trading in green territories when others are facing losses.

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As a result of this price surge, the asset has reclaimed the $0.50 price mark for the first time in one month. This is coming after it printed consecutive winning candles for five days, registering an impressive 8.9% gain since March 25.

Blockchain Backer, a notable chartist, recently called attention to this trend. The analyst pointed out that XRP has broken away from its historical trend for the first time in 9 months. This is coming as the asset decouples from the rest of the altcoin market, posting gains when the market is down.

However, Blockchain Backer emphasized that this run might not be sustainable if the rest of the market is not carried along. “It’s practically mathematically impossible,” he stressed. The chartist clarified that he is not implying that XRP is front running, but noted that the recent movements are strange.

Front running typically occurs when investors place trades based on insider information about an upcoming event. These investors carry out these trades as they look to rake in profits from the price movements that will occur when the event materializes.

The previous XRP solo run became apparent on March 21 when the asset surged 11%, decoupling from the rest of the market. This followed a period of high address activity caused by a surge in demand, as speculations of a looming ruling in the Ripple vs. SEC case emerged. XRP is currently trading for $0.5014, up 8.62% in the past week.

Disclaimer: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic’s opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.

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Albert Brown
Albert Brownhttps://thecryptobasic.com/
Albert Brown is a cryptocurrency investor and journalist who has been in the nascent space since 2017. His love and passion for technological innovations made him delve deeper into the world of blockchain and cryptocurrencies. As a journalist, Brown has written on several crypto-related topics that have been referenced by popular industry players like Tyler Winklevoss, Binance CZ, etc.

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