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The XRP Ledger has seen a massive spike in adoption as showcased by the unique active addresses surge.
Key Notes
XRP Ledger adoption is growing with surge in active addresses.The addresses spike comes with a mild uptick in the price of XRP.The entire ecosystem awaits the outcome in the Ripple versus SEC lawsuit.Data from the blockchain analytics platform Santiment shows that XRP Ledger (XRPL) has recorded a significant spike in active wallets. Accordingly, the surge pushed the number of XRPL unique active addresses to 35,799. This is the largest spike that the protocol has recorded in the last three months.
🤯📈 XRP Ledger has spiked in active wallets significantly, reaching 35,799 unique wallets making at least one transfer in a single day, the highest in over 3 months. Additionally, 3,858 new wallets were created in a single day, the highest amount in over 7 months! pic.twitter.com/DcwTzh8NcE
— Santiment (@santimentfeed) October 20, 2024
In addition to the increase in unique wallet addresses, XRPL also saw a spike in newly created wallets within a single day since March 14.
XRP Ledger Ecosystem Records General Uptick
On-chain data has identified a few actors behind the majority of the activities on XRPL. In September, the CEO of XPMarket, Artur Kirjakulov, discovered that only 10 wallets make up 58% of all transactions on the XRP Ledger. One particular wallet was responsible for 15% of all the transactions. At the same time, he claimed that most of these wallets are not linked to Ripple Labs Inc.
Therefore, he urged that the data not be used to support some often repeated centralization arguments against the blockchain payments firm. Amidst these increases, the price of XRP XRP $0.56 24h volatility: 3.3% Market cap: $31.59 B Vol. 24h: $1.25 B has equally rallied, gaining 1.09% in the last 24 hours. At the time of this writing, the altcoin traded at $0.5475. Based on market capitalization, XRP remains the seventh-largest cryptocurrency.
While the current price level is slightly above its previous level, it is worth noting that the surge in active wallets has yet to translate to a corresponding price action. Analysts and market observers look forward to a $1 price level for XRP fueled by various events and upgrades.
The reason for the current uptick trend is yet to become clear. However, XRP has stayed in the spotlight for the last few months due to Ripple’s legal debacle with the United States Securities and Exchange Commission (SEC).
SEC vs. Ripple Update
It has been a few weeks since the regulator filed an appeal to contest certain aspects of Judge Analisa Torres’s ruling in its case with Ripple.
It is worth noting that the SEC’s appeal is focused on whether the district court erred in granting partial summary judgment in favor of Ripple Labs. The Commission is particular about the company’s sales of XRP on exchanges.
A few days ago, the Commission filed new documents for the case. The SEC filed a “Civil Appeal Pre-Argument Statement”, also known as Form C, to the US District Court for the Southern District of New York. This is to get the court to review certain angles of the previous judgment “de novo”.
In legal terms, the judge would reassess how the law was applied in the initial ruling rather than simply reviewing the outcome.
On the other hand, Ripple is keen to ensure that the SEC finally loses this battle that has gone on for close to four years. The payments firm has also filed a cross-appeal against the SEC. It hopes to address broader legal questions surrounding the case thoroughly with its Form C expected this week.
Disclaimer: Coinspeaker is committed to providing unbiased and transparent reporting. This article aims to deliver accurate and timely information but should not be taken as financial or investment advice. Since market conditions can change rapidly, we encourage you to verify information on your own and consult with a professional before making any decisions based on this content.
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Benjamin Godfrey is a blockchain enthusiast and journalist who relishes writing about the real life applications of blockchain technology and innovations to drive general acceptance and worldwide integration of the emerging technology. His desire to educate people about cryptocurrencies inspires his contributions to renowned blockchain media and sites.
