XRP’s Address Activity Skyrockets: Bulls on the Rise
During the previous weekend, while the majority of the cryptocurrency market showed signs of recovery, XRP stood out with price gains of $0.50, as bullish sentiments overpowered bearish trends.
Notably, the XRP network experienced significant spikes in address activity, setting records for the second and third-largest increases in history. This surge in address activity suggests a potential bullish rally for the XRP token, according to blockchain analytics firm Santiment on May 30.
On May 27, approximately 490,000 addresses interacted on the XRP network, marking the second-largest day of address activity ever recorded. This was followed by another substantial spike on May 28, occurring just two and a half months after the largest-ever address activity spike, which was accompanied by a price surge of over 45%.
😮 #XRPNetwork has now had its 2nd & 3rd largest address activity spikes of all time these past 2 days. A mild +4% decoupling has emerged between $XRP & the #altcoin pack, and if history repeats itself from the March 18th activity spike, it could be more. https://t.co/601m4SYUOy pic.twitter.com/AF8k4qtPQv
— Santiment (@santimentfeed) May 30, 2023
Santiment’s analytics team pointed out that XRP has shown a slight decoupling of around 4% from other altcoins. Considering the historical patterns observed during the March 18th activity spike, this decoupling could potentially become more pronounced.
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In terms of price analysis, XRP was trading at $0.5025 at the time of writing, reflecting a 4.62% increase in the past 24 hours. Over the previous seven days, it had gained 8.70%, contributing to a total monthly gain of 5.61%.
Earlier, John E. Deaton, a legal expert and prominent commentator on the lawsuit between the United States Securities and Exchange Commission (SEC) and Ripple, expressed surprise at investors who missed the opportunity to purchase XRP at the relatively low price of $0.48.
Alexander Stefanov
Reporter at CoinsPress
Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.
