Exploring the Surge in XRP’s Ledger Activity
The XRP ledger is witnessing unprecedented growth, as recent on-chain analysis reveals a substantial increase in the accumulation of XRP by major holders. This trend signifies a potential shift in the cryptocurrency’s landscape and future prospects.
Record-Breaking Milestone for XRP Holders
For the first time in its 12-year history, the XRP network has seen an impressive rise in the number of wallets holding significant amounts of the asset. According to data from Santiment, shared on June 16, there are now 2,708 unique wallets each holding at least 1 million XRP. At current market rates, this equates to a value of approximately $525,000 or more. This milestone highlights the growing confidence of large investors in the XRP ecosystem.
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Surge in XRP Ledger Activity
The bullish sentiment is not limited to large holders; network activity also reflects this positive trend. XRP’s daily active addresses have experienced an extraordinary increase, averaging over 295,000 per day in the past week. This marks a substantial rise from the typical 35,000 to 40,000 daily average recorded over the prior three months, illustrating an eight-fold surge in user engagement and interaction with the network.
Impact on XRP’s Price
Historically, when there is a combination of increased whale accumulation and heightened address activity, significant price movements often follow. The current surge in activity comes at a critical juncture for the XRP ecosystem, suggesting potential price volatility in the near future.
On June 17, the Securities and Exchange Commission (SEC) is expected to deliver a ruling on Franklin Templeton’s proposed Franklin XRP Fund. This decision could pave the way for investors to gain exposure to XRP through a spot exchange-traded fund (ETF). Concurrently, the SEC is also examining the WisdomTree XRP Trust, filed by Cboe BZX Exchange, which aims to provide similar investment opportunities through traditional brokerage platforms.
Furthermore, optimism is building around the potential resolution of the ongoing legal battle between Ripple and the SEC. The case appears to be nearing its conclusion, with both parties advocating for a settlement. According to the latest joint motion, Ripple is set to pay a $50 million civil penalty while receiving a $75 million refund. Both parties argue that the revised terms reflect unique circumstances, including evolving regulatory perspectives and a mutual interest in concluding the protracted litigation.
XRP Price Analysis
Despite its robust fundamentals, XRP has yet to surpass its critical resistance level of $2.50. As of the latest data, XRP is trading at $2.32, reflecting a 6.8% increase over the past 24 hours and a 1.1% rise over the week, indicating a positive market sentiment.
From a technical perspective, XRP’s 50-day Simple Moving Average (SMA) is positioned at $2.30, closely aligning with its current price, suggesting a stable short-term trend. The 200-day SMA, at $1.87, remains significantly below the current level, indicating a strong long-term upward trajectory.
Additionally, the 14-day Relative Strength Index (RSI) stands at 46.65, indicating a neutral market position. This neutrality implies potential for movement in either direction, contingent on broader market trends and any emerging XRP-related developments.
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