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Bloomberg Senior Analyst Says No One Believes Cardano Founder’s Recent Statement; Here’s What He Said

Elendu Benedict
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Bloomberg Senior Analyst Says No One Believes Cardano Founder’s Recent Statement; Here’s What He Said

Eric Balchunas, a senior Bloomberg ETF analyst, reacted to recent comments from Cardano founder Charles Hoskinson regarding Cardano’s position relative to Bitcoin and Ethereum.

Hoskinson made headlines again over the weekend following one of his Cardano supremacy takes. This time, he drew the attention of Balchunas, who questioned the feasibility of Hoskinson’s recent assertions before concluding that no one believed them.

Hoskinson Talks up Outgrowing Bitcoin and Ethereum

In a Friday pitch at the Cardano Summit, Hoskinson lauded the network’s progress in its seven years of existence. He stated that Cardano moved from nothing to an 11-figure network with millions of users and the largest research group in the world.

Hoskinson’s controversial comment came when he alleged that the Cardano network will “be larger than” Bitcoin and Ethereum in the next few decades. Notably, while he failed to clarify his position, the general consensus suggests the Cardano founder referenced size by market cap.

However, putting the Cardano network alongside the two crypto assets shows a massive disparity. For instance, Cardano occupies the 11th slot with a market cap of $12.8 billion, while Bitcoin and Ethereum sit at the top two slots, with 105 times ($1.35 trillion) and 25.6 times ($326.8 billion) Cardano’s cap.

Also, Bitcoin and Ethereum have seen massive institutional adoption. Both crypto assets have spot exchange-traded funds, with the product tied to the former, recording an inflow of over $20 billion.

Balchunas Says Aspiration Not Feasible

Reacting to Hoskinson’s comments, the senior analyst claimed that no one believes it will happen. Balchunas added that he wonders if the Cardano founder even believes in his projections, considering his timeline.

Notably, this conclusion came after Balchunas sought the thoughts of the crypto community on Hoskinson’s statement. In the tweet, he called the assertions a “pretty loft goal” and asked if there were chances it would happen.

Meanwhile, assertions from Hoskinson in this manner are not new to the crypto community. Earlier this month, the founder proclaimed that Cardano is still number one and no chain comes close.

Particularly, Hoskinson has hedged his recent supremacy belief on Cardano’s entrance into the community-driven, decentralized Voltaire era. For context, the Chang upgrade went live on September 1, ushering Cardano into an all-inclusive governance system.

The Cardano founder believes that the recent upgrade will attract a majority of governments in the world, who will run on the blockchain’s infrastructure in the next decade. Notably, it was on the premise of the new governance that he called Ethereum a dictatorship controlled by co-founder Vitalik Buterin.

Bitcoin Sees Multi-Month High as 320K+ Addresses Prove Strong Support

Albert Brown
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Bitcoin Sees Multi-Month High as 320K+ Addresses Prove Strong Support

The premier crypto asset, Bitcoin, consolidates near its past peak, as data shows over 320K active addresses engaged within the current range.

Bitcoin began the week on a strong note, reaching a multi-month peak of $69,500, though it fell short of hitting the crucial $70,000 mark. The cryptocurrency is now trading 7.37% below its all-time high of $73,737, recorded on March 14, 2024. 

Notably, IntoTheBlock’s data indicates high engagement among Bitcoin addresses near its previous all-time high, with over 320,000 active addresses interacting within this price range. Of these active addresses, about 220,000 have an average purchase price of $68,500. 

This suggests a strong base of support, as many investors hold profitable positions at this level. Notably, profitability remains evident across all buy ranges above $60,000, indicating confidence among long-term holders. 

Institutional Accumulation Fueling Surge

In addition to retail interest, institutional players have also played an important role in the recent price surge. Lookonchain’s data highlights that BlackRock’s iShares Bitcoin Trust (IBIT) added 16,975 Bitcoin to its holdings, totaling roughly $1.17 billion.

This accumulation occurred alongside an 8% rise in Bitcoin’s price, suggesting a correlation between institutional buying activity and the recent price increase.

Further data from The Data Nerd confirms this trend, with Bitcoin exchange-traded funds (ETFs) accumulating a total of 32,370 BTC, worth approximately $2.13 billion, in the last week. Among these, IBIT was the most significant buyer, followed by Fidelity Wise Origin Bitcoin Fund (FBTC), which added 5,000 BTC.

Growing Confidence in Bitcoin

BlackRock’s recent accumulation coincides with comments from CEO Larry Fink, who emphasized Bitcoin’s legitimacy as an asset class. Fink highlighted that the cryptocurrency market’s growth is driven by factors like transparency, liquidity, and enhanced analytics rather than political influences. 

He noted that neither Donald Trump’s presidency nor Kamala Harris’ potential leadership would massively impact Bitcoin’s price movements. Instead, Bitcoin has emerged as a new asset class, akin to gold, indicating a shift in how institutional investors approach asset allocation.

Shiba Inu Team Urges Bold Moves, “In the End, We Only Regret the Chances We Didn’t Take”

Lele Jima
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Shiba Inu Team Urges Bold Moves, “In the End, We Only Regret the Chances We Didn’t Take”

Lucie, the marketing lead of Shiba Inu, shares an inspirational message to SHIB community members, emphasizing the importance of embracing opportunities and taking bold actions. 

In a recent tweet, Lucie suggested that people tend to regret missed chances and opportunities when reflecting on their lives. “In the end, we only regret the chances we didn’t take,” Lucie remarked. 

The statement highlights the significance of seizing the moment and taking risks that could pay off in the future. Failure to take bold actions due to fear could sometimes result in missed opportunities, leaving the individual in regrets. 

Lucie’s latest commentary aligns with her way of inspiring Shiba Inu community members to take chances within the ecosystem instead of fearing potential failure. 

Shiba Inu and BONE Performances 

It is common knowledge that the prices of various crypto assets, including Shiba Inu ecosystem tokens like SHIB and BONE, have plummeted heavily since the 2021 bull market. 

Priced at $0.00001912, SHIB is currently down 77.8% from its previous ATH of $0.00008845, registered on October 28, 2021. However, BONE, currently trading at $0.4185, has experienced an even more staggering loss. Its current price reflects a massive 99.03% decline from its ATH of $41.67, recorded on September 13, 2021.

While the underperformance of SHIB and BONE has deterred many from increasing their investments in these tokens, others see the dip as an opportunity to scoop up the assets at discounted prices. These investors are confident that the tokens will surpass their previous ATHs in the second phase of the bull run. 

Positive Shiba Inu Updates 

Their confidence stems from the positive updates within the ecosystem. For instance, the team behind the Shiba Inu ecosystem is committed to transforming the cryptocurrency from a meme coin into a utility token. 

This has resulted in the birth of groundbreaking projects, ranging from games to scaling solutions like Shibarium. Moreover, Shiba Inu is close to welcoming decentralized governance through the upcoming launch of SHIB Doggy DAO. 

Through this initiative, Shiba Inu community members will collectively determine the future of the cryptocurrency.

Notably, BONE and SHIB are poised to play crucial roles in the DAO. While SHIB will be the community governance token, BONE will power Shiba Inu technology. 

The move is expected to boost investors’ confidence in the tokens, potentially driving their demands and prices. If this happens, investors who let fear prevent them from buying SHIB and BONE might regret their decision. 

Meanwhile, some community members are projecting that Shiba Inu’s DAO launch might finally convince Tier-1 exchanges like Binance and Coinbase to list BONE. 

The community has been pushing for BONE listing on these exchanges for over a year. However, these exchanges have refused to grant Shiba Inu’s community requests.

Nonetheless, investors have remained confident that BONE will eventually be listed on Binance and Coinbase. Some enthusiasts forecast that the DAO launch could prompt these trading platforms to list BONE, potentially boosting the token’s price. 

Analyst Says Shiba Inu Will Surge to $0.00003260 Sooner Than Expected

Elendu Benedict
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Analyst Says Shiba Inu Will Surge to $0.00003260 Sooner Than Expected

Amidst bullish speculations of an impending Shiba Inu surge, pseudonymous analyst FOUR has predicted an earlier-than-expected uptrend to the region.

Bullish momentum around Shiba Inu continues to swell amidst recent price performances. For context, the 13th-largest cryptocurrency by market cap has surged 34.36% in the past month, with its performance only bettered by Dogecoin in the top 15 crypto assets.

This substantial surge has raised bullish expectations among market speculators as Shiba Inu approaches a major resistance at the $0.00002169 price mark. Analysts have asserted that a break above the resistance, where SHIB was rejected during the September 28 rally, will push it to higher prices.

Shiba Inu 1W Chart FOUR
Shiba Inu 1W Chart | FOUR

Meanwhile, market speculator FOUR has shared his thoughts on the Shiba Inu’s price expectation, noting he sees an impending surge. In a tweet on Friday, the analyst asserted that SHIB would surge to $0.00003260 faster than most speculators expect.

Analyst Cites Super Meme Coin Cycle

Analyst FOUR implied that Shiba Inu’s 1-week chart shows the altcoin has sufficient bullish momentum to surge past the impending resistance level and hit $0.00003260. Notably, a surge of this magnitude will entail a 71% uptick from the current price.

The market commentator argued that the SHIB chart indicates heightened bullishness, asserting that the momentum could drive Shiba Inu to its next target sooner than expected. Notably, SHIB closed the week positively, recording a healthy bullish candle very close to the substantial resistance at $0.00002169.

Furthermore, FOUR cited the “super” bullish meme coin cycle as a catalyst for Shiba Inu’s uptick. He implied that the nascent meme sector’s super cycle would ensure that SHIB surges to $0.00003260 faster than everyone expects.

Notably, IBC founder and crypto enthusiast Mario Nawfal shares a sentiment similar to FOUR. In a tweet today, he pointed to Shiba Inu’s impressive performance amidst the wider meme coin sector’s bullish push.

Meanwhile, the recent Shiba Inu surge saw it briefly overtake Avalanche to become the 12th largest crypto asset by market cap. It also ensured that SHIB’s market cap rose rose above $11 billion, up over 43% in the past month.

Flourishing Meme Coin Sector

Indeed, the meme coin sector has flourished recently despite positive sentiments from utility tokens. For instance, Nawfal pointed to the bullish news from Bitcoin, as the US Securities and Exchange Commission approved the NYSE filing for options trading on the Bitcoin spot exchange-traded funds.

The positive sentiments from the approval catalyzed Bitcoin’s short-lived surge to $69,000 early Monday. Despite this, traction towards meme coins remains.

Notably, assets in the top five meme coin rankings have appreciated an average of 30% in the past five days. The best-performing token, dogwifhat (WIF), has surged by a staggering 56% to $2.6.

At the time of writing, the sector has grown 2.9% in the past 24 hours, with a market cap of $65.3 billion.

Solana Surges Past $160, Veteran Analyst Stresses Bitcoin Must Break $70K for Any ‘Long Yellow Fruit Seasons’

Albert Brown
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Solana Surges Past $160, Veteran Analyst Stresses Bitcoin Must Break $70K for Any ‘Long Yellow Fruit Seasons’

Macro Analyst Raoul Pal has stated that while Solana has reclaimed $160, Bitcoin must break $70K to sustain bullish momentum.

Altcoins are driving the latest rally in the crypto market, with Solana (SOL) emerging as a standout performer. The token recently surpassed $160, reaching a high of $169, signaling robust investor confidence.

Meanwhile, Bitcoin (BTC) is steadily approaching $70,000, further fueling optimism across the broader crypto space. Amid this buoyant market, Raoul Pal, CEO of Real Vision, has pointed to specific levels to watch before labeling the recent uptrend in Solana as sustainable.

Pal focuses on Bitcoin’s trajectory, suggesting that the market’s bullish momentum hinges on BTC surpassing $70,000 “before any long yellow fruit seasons.”

Raoul Pal’s Cautious Approach

Over the past weeks, Bitcoin has displayed significant price fluctuations despite an overall upward trend. Initially, BTC fell below $59,000 on Thursday, October 10, but recovered and closed the weekend around $62,000. As the new trading week began, Bitcoin surged to $64,500, maintaining this upward momentum and reaching $66,500 by Monday’s end. 

On Tuesday, Bitcoin climbed further to $68,000 before facing a rejection. However, the decline was brief as BTC hit $69,000 by Friday but retraced back to the current $68,985.

Despite this consistent uptrend, Pal remains cautious. He has reiterated that sustained bullish sentiment would require Bitcoin to surpass the critical $70,000 threshold.

Pal’s Previous Observations

This is not the first time Pal has highlighted $70,000 as a crucial level for Bitcoin. He previously supported MartyParty’s analysis on X, which takes a bullish stance based on Wyckoff’s accumulation model.

According to the model, Bitcoin has been progressing through distinct phases, with Phase D representing the final point of support before a potential breakout.

During the phase, the model showed price fluctuations between $56,700 and $66,500, a range that coincided with geopolitical events in the Middle East, causing a temporary BTC retracement.

MartyParty’s analysis suggests that a move beyond $73,777 could materialize as the U.S. elections approach in November, potentially pushing Bitcoin past $80,000. Pal agrees with this analysis, aknowledging that this event could be a possible catalyst for a significant upward shift.

Notably, crypto market sentiment improved following the Federal Reserve’s recent rate cut announcements, contributing to the ongoing price surges. Following the event, Pal reaffirmed his long-term optimism that Bitcoin’s path remains upward and that short-term fluctuations are less significant in the broader context. 

Elon Musk Publicly Supports Pro-XRP Lawyer Deaton to Unseat Senator Elizabeth Warren

Lele Jima
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Elon Musk Publicly Supports Pro-XRP Lawyer Deaton to Unseat Senator Elizabeth Warren

Tesla founder Elon Musk supports pro-XRP lawyer John Deaton to unseat anti-crypto Senator Elizabeth Warren in the upcoming Massachusetts Senate election. 

Musk declared his support for Deaton today while reacting to an X post from Coinbase co-founder and CEO Brian Armstrong. 

Coinbase CEO Backs Deaton and Other Pro-Crypto Political Candidates 

Yesterday, Armstrong urged crypto enthusiasts in Pennsylvania to support Dave McCormick in the Senate election, describing him as “the better candidate on crypto.” Ten minutes later, Attorney James Murphy (a.k.a. MetaLawMan) strongly approved Attorney Deaton for Massachusetts residents. 

MetaLawMan urged them to vote for Deaton because of his relentless efforts to advocate crypto freedom. Notably, he criticized Deaton’s opponent, Warren, referring to her as the founder of the anti-crypto army. 

According to him, Warren believes people should be ‘debanked,’ restricting their access to traditional financial services if they make any investment decision that she disapproves of. 

Reacting, the Coinbase CEO echoed the same sentiment, urging Massachusetts residents to vote for Deaton. He accused Warren of supporting Gary Gensler’s appointment as the SEC chairman and encouraging him to destroy the U.S. crypto industry. 

Furthermore, Armstrong claimed that Warren thinks the government should have control over financial services, a move he believes is similar to China’s centralized financial model. 

However, he emphasized that Warren failed in destroying crypto because stakeholders like Deaton fought back. 

Elon Musk Supports Deaton to Unseat Warren 

Interestingly, Musk reacted to Armstrong’s comment by tweeting, “Yes.” Musk’s reaction is his way of aligning himself with the viewpoint shared by Coinbase CEO, who supports Deaton to unseat Warren in the upcoming Massachusetts Senate election. 

The comment also suggests that Musk sees Warren’s policies as harmful to the U.S. crypto industry. Notably, Musk is an advocate of financial freedom and freedom of speech. He recently praised cryptocurrencies for challenging centralized control and promoting individual freedom.  

Meanwhile, the American businessman ardently supports pro-crypto presidential candidate Donald Trump. Musk has been influential in convincing Americans to vote for Trump to “make the United States great again.” 

Now, he has backed Attorney Deaton in his bid to unseat Senator Warren in the upcoming Massachusetts Senate election. 

Ethereum Co-Founder Vitalik Buterin Unveils Future Plans for ETH in Global Blockchain Summit

Zabi
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Ethereum Co-Founder Vitalik Buterin Unveils Future Plans for ETH in Global Blockchain Summit

Ethereum Co-Founder Vitalik Buterin Unveils Future Vision at 10th Global Blockchain Summit.

Ethereum Co-Founder Vitalik Buterin Unveils Future Vision at 10th Global Blockchain Summit October 17, 2024 – Shanghai, China — The highly anticipated 10th Global Blockchain Summit, hosted by Wanxiang Blockchain Labs, kicks off with a keynote address from Ethereum co-founder Vitalik Buterin.

Reflecting on Ethereum’s evolution since its inception, Buterin shared insights into the platform’s progress and laid out an ambitious roadmap for its future.

One of the key takeaways from his speech was Ethereum’s goal to exceed 100,000 transactions per second (TPS) using Layer 2 (L2) technology and reduce cross-chain transaction times to just 2 seconds.

Ethereum’s Decade-Long Journey

In his speech, Buterin recounted Ethereum’s journey since its early days. Launched in 2015, Ethereum has grown from a novel blockchain platform into a powerful decentralized network that supports decentralized finance (DeFi), non-fungible tokens (NFTs), and a range of other blockchain-based applications.

“If you’ve listened to my talks in 2015, 2016, or 2017, you’ll notice that the content hasn’t changed much,” Buterin remarked. “Our primary goal has always been to improve Ethereum’s technology.

In 2022, we completed the full transition from Proof of Work (PoW) to Proof of Stake (PoS),” he continued, reflecting on the platform’s pivotal shift. He emphasized how the core areas of scalability, privacy, zero-knowledge proofs, and security have been at the forefront of Ethereum’s development over the past decade.

Achieving Scalability: The Road to 100,000 TPS

One of the major highlights of Buterin’s speech was Ethereum’s ambitious plan to achieve over 100,000 TPS using L2 solutions.

He pointed to the progress already made in reducing transaction costs and improving confirmation speeds as crucial steps toward achieving this goal.

Ethereum’s L2 solutions have drastically lowered transaction fees from the sky-high levels seen in 2020 and 2021. Back then, Layer 1 transaction fees ranged from $5 to $10, and Buterin himself recounted instances where he paid up to $800 for a single transaction.

“By 2022 and 2023, L2 solutions appeared, reducing fees dramatically,” Buterin noted. “Transaction fees have dropped from $0.20 to as low as $0.01, which is crucial for many applications.” These L2 solutions, combined with the recent introduction of Ethereum’s EIP-4844, which provides more data space for L2, are positioning Ethereum to meet the demands of mass adoption.

Cross-Chain Transfers in 2 Seconds: A Unified User Experience

In addition to scalability improvements, Buterin outlined Ethereum’s vision to enhance cross-chain interoperability. “Our goal is to achieve cross-chain transfers between Ethereum and other blockchains within 2 seconds,” he explained. This would provide users a more seamless and unified experience, allowing them to transfer assets and data between chains quickly and efficiently.

User Experience and Global Adoption

Buterin also touched on Ethereum’s efforts to improve user interfaces, a key factor in making decentralized applications (dApps) more accessible to the general public. Since 2015, Ethereum’s user interfaces have evolved dramatically.

In countries like Argentina and Turkey, where digital currency adoption is rising, Ethereum is focusing on improving user experiences to encourage more widespread use of dApps. “Over 10% of the population in these countries holds digital currency,” Buterin highlighted, suggesting that smooth, user-friendly experiences will be essential in transitioning these users to decentralized systems.

Prioritizing Cross-Chain Security

While the Ethereum Virtual Machine (EVM) remains critical to the platform’s infrastructure, Buterin stressed that the future focus would increasingly shift toward cross-chain security.

As Ethereum expands and integrates with other blockchains, ensuring secure cross-chain interactions will be essential to the platform’s long-term success. “Cross-chain security is becoming more critical than the EVM,” Buterin stated, emphasizing that Ethereum’s infrastructure is growing in scope and complexity.

Ethereum aims to create a more resilient and interconnected blockchain ecosystem by prioritizing security across different blockchains.

Ethereum’s Next Chapter

As Ethereum looks toward the future, Buterin’s vision is clear: achieving massive scalability, improving cross-chain transfers, enhancing user experiences, and ensuring cross-chain security will be at the heart of Ethereum’s development.

The platform’s ongoing expansion is setting the stage for it to remain a dominant player in the blockchain space. With these advancements, Ethereum is positioning itself not only as a leader in decentralized finance but also as a driving force behind the next generation of blockchain innovation.

Analyst Says Solana is “the Gambling Chip of the AI Casino” Amid Surging Address Activity

Albert Brown
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Analyst Says Solana is “the Gambling Chip of the AI Casino” Amid Surging Address Activity

Solana (SOL) leads October’s crypto recovery, driven by increased user activity, rising transactions, and growing fees.

Solana (SOL) has emerged as a leading performer in the market this October, outpacing both Bitcoin and Ethereum. The altcoin has shown a remarkable recovery from its monthly lows amid rising user activity and significant transactional growth. 

Steady Growth in Daily Active Addresses

Per a recent analysis by Miles Deutscher to his 549,000 followers, over the past three months, Solana has witnessed a steady increase in daily active addresses. The metric reached a high of around 3 million active addresses by late August. In early October, the numbers slightly dipped, signaling a brief pause in momentum. 

Solana Network Growth Miles Deutscher
Solana Network Growth | Miles Deutscher

However, active addresses quickly rebounded, reaching 6.2 million at the time of Deutscher’s report. 

Rising Daily Transactions

Daily transactions on the Solana network have also shown a parallel rise, indicating heightened activity among users. In early September, transaction counts were relatively low. However, a consistent upward trend emerged through October, with transaction volumes peaking at 45.2 million in tandem with active addresses. 

Gradual Increase in Fees

Further, fees on the Solana network have shown a gradual rise, matching the upward trends in transactions and active addresses. By mid-October, total fees had climbed to approximately $2.3 million.

The growth in fees corresponds to the heightened transactional activity, with notable fluctuations seen throughout the period. While the increase suggests a more active ecosystem, the analyst termed Solana as the gambling chip of the AI casino. 

Recall that on October 10, a market analyst noted that Solana was trading below its 34-period and 89-period exponential moving averages (EMAs), indicating slight bearish momentum.

Nonetheless, the analyst anticipated a potential breakout when the crypto was trading at around $140. Notably, as of the latest trading data, Solana has reached $170, up over 14% in the last two weeks.

Veteran Trader Brandt Confirms Ethereum Bull Run, Calls ETH Chart “Most Interesting”

Abdulkarim Abdulwahab
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Veteran Trader Brandt Confirms Ethereum Bull Run, Calls ETH Chart “Most Interesting”

Peter Brandt, a renowned trader with five decades of experience, has confirmed a bullish trend reversal for Ethereum, noting that its chart is now among the most interesting.

Today, Ethereum posted an approximate 5% gain, rallying to $2,765, its highest point in October. Amid this turnaround, Brandt shared an analysis suggesting that Ethereum’s ongoing uptrend might be here to stay after the asset underperformed Bitcoin in recent weeks.

Ethereum Bull Run Confirmed with Inverted Head and Shoulders Bottom

Taking to X early today, Brandt highlighted a developing Inverted Head and Shoulders (H&S) pattern on Ethereum’s daily chart. The chart shows promising bullish signs for the world’s second-largest cryptocurrency.

Brandt’s chart indicates a clear H&S bottom. The formation is characterized by a lower low (the “head”) flanked by two higher lows (the “shoulders”).

Image
Ethereum chart by Peter Brandt

This pattern suggests that Ethereum is set for a sustained breakout if it surpasses a crucial resistance level. Specifically, the chart highlights a neckline, represented by a sloping trendline connecting the peaks between the shoulders.

This neckline currently sits near the $2,745 mark, indicating that for the bullish pattern to confirm, Ethereum needs to break above this line with conviction.

Interestingly, Ethereum briefly breached this line, establishing a fresh daily peak at $2,765. At the time of reporting, Ethereum is trading at $2,736.

Just a week ago, when Brandt first pointed out the inverse head and shoulders pattern forming on Ethereum, its price was around $2,443. At the time, ETH was making an attempt at the crucial neckline resistance.

With Ethereum’s success in overcoming the resistance level, the ongoing trend suggests that the bulls are regaining control.

Brandt is “Flat in ETH”

However, while Brandt acknowledges the promising signs of this formation, he revealed that he is currently “flat in ETH,” meaning he has not yet taken a position. This caution suggests he is likely waiting for more confirmation before entering the market.

Ethereum’s Potential Target

Notably, other market watchers have also confirmed Ethereum’s promising prospects amid its ongoing pattern. Technical analysts like Jacob Canfield warn market participants to fade ETH’s bullish momentum at their own risk.

One analyst argued that Ethereum could be headed for a price level of $3,900 with the ongoing pattern. Meanwhile, the analyst highlighted support levels at $2,117 and $1,932 in case of a rejection.

Big On-Chain Activity Shows Massive Interest in XRP Rising

Elendu Benedict
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Big On-Chain Activity Shows Massive Interest in XRP Rising

Despite XRP’s meager price performance, on-chain activity on the XRP Ledger (XRPL) has surged to multi-month highs as users renew traction to the blockchain.

Compared to other caliber crypto assets, XRP has recently performed poorly. For instance, despite improved broader market sentiments, altcoin has observed the least gains in the top eight crypto rankings.

Also, XRP remains the only asset within the top eight category, with a month-over-month price deficit. Other coins, including Bitcoin, Ethereum, and Solana, have increased by at least 5%, while the XRPL native token is down almost 6%, mainly due to the collapse earlier this month on the back of the SEC’s appeal notice in the Ripple case.

Notably, this lackluster price movement heralds suppression amid the regulatory issues triggered by the long-standing battle. The SEC renewed the case following the appeal it filed.

Amid all this, the XRP Ledger has somehow managed a spike in on-chain activities recently, showing major interest of investors in XRP. Data from Santiment shows that investor traction has returned to XRP and its underlying network as usage hits multi-month highs.

On-Chain Activity Sees Notable Uptick

According to the Santiment data, users have renewed interest in the XRP Ledger amid increased usage. About 35,799 wallet addresses were active on the XRPL network on Friday, the largest number since July 16.

Notably, this figure meant the number of active users making at least one transfer on the network spiked 80% from under 20,000 addresses the previous day.

Meanwhile, the surging user presence correlated with a spike in new addresses created on the XRP Ledger. For context, 3,858 new users created wallet addresses on the blockchain, suggesting a growth in adoption. It bears mentioning that the XRPL mandates a reserve of 10 XRP for each new wallet to hedge against spam accounts.

The last time new users registered on the network in such magnitude was on March 14, about seven months ago. Notably, the Friday surge followed a significant uptick on Thursday, as over 3,000 new wallet addresses were also created that day.

XRP On chain Activity per Santiment
XRP On-chain Activity per Santiment

What’s Next for XRP?

Although the recent upsurge in on-chain activities has yet to affect XRP’s price, the community remains optimistic about an impending uptrend. For instance, community sentiments on CoinMarketCap show an 85% bullish disposition towards the seventh-largest crypto asset.

Furthermore, market analysts have looked past the recent underperformance, speculating ambitious XRP price movements. For context, expert Egrag stated that XRP would target $1.4679 after its impending range breakout before surging to $7.5.

Also, pundit Bobby A speculated a surge to $4 or $6, citing resilience in the wake of the SEC notice of appeal. He noted that XRP’s failure to trade below $0.51 after the filing could propel the asset to the price.

Meanwhile, XRP trades at $0.55 at press time, up over 1% in the past 24 hours.

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