The Surge of XRP Addresses Hits a Record High
On March 1, the number of XRP addresses reached a historic milestone, surpassing 6.87 million, according to data from Glassnode, as analyzed by on-chain cryptocurrency expert Ali Martinez. This remarkable achievement comes despite XRP’s price remaining considerably lower than its previous peaks.
Current XRP Network Statistics
As of March 14, data from XRP Scan reveals that the network now boasts 6,274,058 accounts, a significant increase from the 5 million recorded in early 2024. This rapid growth is further complemented by a substantial rise in trustlines. These trustlines enhance the network’s ability to manage a wide range of digital assets, thereby boosting its attractiveness for cross-border transactions, decentralized finance, and beyond.
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Remarkable Increase in Active XRP Addresses
On March 5, Martinez highlighted an impressive 620% week-over-week surge in active XRP addresses, which skyrocketed from 74,589 to 462,650. This surge in activity reflects growing interest and participation within the XRP ecosystem.
Quiet Period for XRP Whales
Despite the bullish on-chain dynamics, XRP whales—key holders with substantial market influence—have remained unusually quiet over the past week. No major buying or selling activities have been reported, suggesting a potential phase of accumulation or consolidation among these significant players.
XRP Price and Market Outlook
By March 14, XRP’s trading price stood at $2.32, marking a modest 2.16% increase within the last 24 hours. Although this price remains well below XRP’s all-time high, the network’s core strengths continue to shine through.
Market Implications and Future Projections
For investors and market enthusiasts, the soaring number of active addresses, prior whale accumulation, and decreasing exchange reserves indicate a possible upward trend for XRP. However, the recent inactivity among whales might signal a strategic pause before a significant market move.
Ongoing Monitoring and Analysis
Finbold remains committed to tracking XRP’s price movements, on-chain metrics, and whale activities to deliver timely updates on this evolving narrative. Stay tuned for the latest insights and developments in the XRP market.
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