XRP Ledger experiences record activity in new and existing addresses amid a roadblock to the latest rally, as prices correct to the $0.57 territory.
The XRP Ledger recently witnessed a notable surge in both new and existing addresses, reaching levels not seen since March. This heightened activity comes at a time when XRP is undergoing a steep market correction, recently dropping to $0.57.
XRP Ledger records growth in new XRP wallets
According to on-chain data, the XRP Ledger saw the creation of 1,721 new XRP wallets in a single day—the most since March 30. This spike in new wallet creations suggests a growing interest from new investors and a potential expansion in user base.
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
Moreover, the number of individual addresses interacting on the network reached 47,363 on a single day, marking the highest level of engagement since March 9. This rise in active addresses indicates not only heightened trading activity but also increased utilization of the XRP Ledger for various transactions.
Responding to community queries, Santiment noted that there is generally positive movement with an uptick in network activity like this. However, there is often a “FOMO effect” at the initial stages when the spike happens that causes a correction, as is currently being observed. The platform added that the current test is to see if XRP’s activity maintains these levels.
Market Impact and XRP Price Performance
Parallel to the increase in on-chain activity, XRP’s price achieved its highest weekly gain ever, peaking at $0.6378 on July 17. However, the price has since corrected to $0.5538, experiencing a 5% drop amidst a broader market correction and profit-taking by traders.
Elsewhere, XRP has recently taken the lead in trading volume within South Korea over Bitcoin. It reached a high of $650 million 24-hour trading volume on the country’s leading cryptocurrency exchanges, surpassing Bitcoin’s by about 2.3 times.
Despite these positive trends, the XRP market has experienced notable fluctuations, highlighted by substantial 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 Data from Whale Alert revealed that approximately $111.8 million worth of XRP was withdrawn from two major exchanges in a single day.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 moved to other prominent exchanges, including Bitso and Bitstamp.