Key Points
- Ripple sees 4,150 new addresses on October 20, marking the highest since March.
- On-chain activity surges, with daily active addresses spiking to 36,000.
- Despite strong activity, XRP’s price holds steady at $0.55.
- Analysts suggest price movement could follow if on-chain trends continue.
The XRP surge has captured significant attention as Ripple experiences a 100% increase in new address creation. On October 20, Ripple saw nearly 4,150 new addresses added, marking the highest since March.
This growing interest in the XRP network is a key indicator of expanding adoption and user engagement. As analysts closely monitor this XRP surge, the focus is on whether it will influence XRP’s price shortly.
Ripple sees 100% surge in new addresses: How will it impact XRP? – AMBCrypto https://t.co/ZCsIYMa3jw
— protea008 (@protea008) October 21, 2024
More Ripple Adopters Created New Addresses
The movement of XRP began with 1,672 new addresses created on October 17, however the numbers were escalating with time.
Among 3000 newly created wallets in this timeframe were over 3000 through Ripple and the highest amount of addresses created in history 4150 was made in just one day October 20.
The evidence supports that the XRP rally is not a mere swing, it is indicative of a bigger global trend – the increasing number of users and usage of Ripple’s product.
The growth of new addresses is also a direct indicator of the increased activity of users and Ripple is gaining importance in the sphere of cryptocurrencies.
Increased Active Addresses of Ripple Network Reflects Sustainability
In tandem with the influx of new addresses, Ripple has been experiencing a marked rise in active addresses on its blockchain network. On October 19, the number of active addresses rose to 36,000, its highest since July.
Although this figure dropped marginally to 23,000 on the next day, it is evident that the surge in XRP active wallets is a clear indication of increased engagement in the platform transactions.
A significant proportion of the new wallets created during the recent XRP surge are now coming back online, and this indicates that users are not merely holding their coins; they are active traders and transactors as well.
For example, most of the time, increased on-chain activity is associated with the growing interest in a given project, and this in due time will affect movement in the price of XRP.
XRP Price Shows Stability Even When There is A Surge.
XRP has also enjoyed a surge in both new and active addresses. However, the price of XRP has remained significantly stable around the level of 55 cents.
XRP trades above the $0.50 200-day moving average price which indicates a potential bullish trend. However, the price is capped by the 50-day moving average which is impeding any further price escalation.
XRP traders and analysts are noticing a weak bearish trend in XRP’s RSI (Relative Strength Index). This means that the XRP surge is sufficient but still,the market participants appear to be waiting for some triggering event to escalate the price further.
XRP is seeing a surge in the creation of addresses and this could provide the appropriate scenario for a price breakout for Ripple.
Meanwhile, there is a degree of caution in market sentiment as the traders are observing the reaction of the overall crypto market.
Why These Developments on XRP Surge Should Concern You
The membership growth of Ripple which is represented by a surge in XRP is of great importance. The staggering numbers are seen in new and active addresses where basically the XRP community is growing up rapidly and This position could be predestined for future price growth.
The price of the given asset has not responded to the news surrounding the XRP surge but in the past, it is noted that strong on-chain activity precedes the movements of the price.
As the XRP patterns remain active, this could herald a breakthrough in price for Ripple and therefore this asset can be very interesting to look for in the weeks ahead.