XRP Ledger Sees Record Growth in Active Accounts Amidst Market Challenges
The XRP Ledger (XRPL) has recently experienced a notable surge in active accounts, despite facing downward pressure in market prices. This significant development has been reported by XRPScan, a leading explorer of the XRPL, indicating that the number of active addresses has reached unprecedented levels.
Record-Breaking Number of Active Accounts on XRP Ledger
According to a post on X from XRPScan, the number of active accounts on the XRP Ledger has surpassed 7 million, marking a new all-time high. These accounts, maintaining a minimum balance of 1 XRP, are witnessing growth despite current market conditions. However, a validator named Vet suggested the term “activated accounts” might be more fitting, as it could better represent the accounts’ status.
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XRPScan, however, raised questions regarding whether the term “activated accounts” might exclude certain accounts. They revealed that the total number of accounts ever activated is around 7.7 million. In another X post, Vet praised the XRPL’s expansion, emphasizing that this is merely the beginning of a larger trend, referring to the blockchain as the new frontier of the internet.
Understanding Daily Active Addresses on the XRP Ledger
Data from Santiment provides insights into the daily active addresses on the XRP Ledger, identifying users actively engaging with the network. On September 21, the network recorded 38,471 daily active addresses. This figure has remained relatively stable, though it is significantly lower than the peak of 581,080 daily active addresses reached on June 14. This fluctuation highlights the dynamic nature of user engagement on the platform.
Despite this, the adoption of XRP Ledger has shown signs of deceleration. Santiment data indicates that network growth has diminished from its peak on July 18, when 11,058 new addresses were added. Presently, the number of new addresses is slightly under 5,000, reflecting a shift in user behavior and network adoption trends.
XRP Price Faces Challenges in a Bearish Crypto Market
The rise in activated accounts on the XRP Ledger coincides with a declining XRP price, affected by the broader downtrend in the cryptocurrency market. The altcoin has fallen below the critical $3 threshold, losing significant support around the $2.90 mark. Crypto analyst Egrag Crypto has predicted that the 50 EMA might align with the XRP price at approximately $2.77.
The analyst cautioned that breaching this level could potentially lead to further declines for XRP. He emphasized that $2.65 is a pivotal zone for the altcoin’s future bullish movement. Egrag Crypto noted the importance of monitoring both short-term and long-term trends, indicating that while short-term fluctuations are noteworthy, the overarching trends provide clearer guidance.
At present, XRP is trading at approximately $2.88, reflecting a decline of over 4% in the past 24 hours, based on CoinMarketCap data.
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