XRP Ledger Sees Record Surge in New and Active Wallets

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The XRP Ledger has recently experienced a significant surge in new and existing addresses, reaching levels not observed since March. This uptick in activity occurs as XRP undergoes a steep market correction, dropping to $0.57. On-chain data reveals that the XRP Ledger saw the creation of 1,721 new wallets in a single day, the highest since March 30. This spike indicates growing interest from new investors and a potential expansion in the 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

Increase In Network Engagement

Additionally, the number of individual addresses interacting on the network soared to 47,363 in one day, marking the highest engagement since March 9. This rise in active addresses signifies heightened trading activity and increased utilization of the XRP Ledger for various transactions. Responding to community queries, Santiment noted that positive movement often accompanies an uptick in network activity. However, there is usually a “FOMO effect” at the initial stages, leading to a correction, as currently observed. The real test is whether XRP’s activity maintains these levels.

Parallel to the increase in on-chain activity, XRP’s price achieved its highest weekly gain, peaking at $0.6378 on July 17. However, the price has since corrected to $0.5538, reflecting a 5% drop amid a broader market correction and profit-taking by traders. Notably, XRP has recently led in trading volume within South Korea, surpassing Bitcoin. It reached a 24-hour trading volume of $650 million on the country’s leading cryptocurrency exchanges, exceeding Bitcoin’s volume by about 2.3 times.

Notable Fluctuations And Withdrawals

Despite these positive trends, the XRP market has experienced significant fluctuations, highlighted by substantial withdrawal activities. Whale Alert data revealed that approximately $111.8 million worth of XRP was withdrawn from two major exchanges in a single day.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. This surge in new and active wallets underscores the increasing interest and engagement with the XRP Ledger.