Altcoins
XRP Market Watch – Can Network Activity Help Altcoin After 9% Drop?
- XRP has seen a double-digit decline in the past 48 hours
- Many addresses have become more active recently
XRP The Bitcoin price has been experiencing a period of significant fluctuations in recent days, reaching one of its highest levels in months. This upward trend has had a positive influence on network activity, resulting in an increase in new daily addresses and active addresses.
New addresses are emerging
A recent analysis of Ripples network growth from Santiment The survey revealed a significant increase in network engagement. Typically, the average number of new XRP addresses created daily ranges from 800 to 1,000. However, a notable spike began around July 14. In fact, by July 17, the number of new addresses had jumped to over 1,700.
This level of growth in new daily addresses was the most significant increase XRP has seen since March. Such a spike often reflects increased interest and optimism in the asset, potentially driven by favorable market conditions.
Source: Santiment
However, at the time of writing, network growth had dropped massively to around 343. This suggests that the number of new daily addresses has declined for the same reasons that caused it to spike initially.
More activity
The aforementioned analysis also revealed that more addresses became active as the number of new addresses increased.
On July 17, the number of daily active addresses on RippleThe network soared to over 47,300, coinciding with a surge in new address creations that reached a level not seen since March. This simultaneous increase in new and active addresses can be interpreted as a sign of increased overall engagement on the network.
Source: Santiment
Although the number of active addresses decreased slightly, surpassing 37,000 on July 18, these numbers still represent a relatively high level of network activity. It is worth noting that this period marked the first time that the network has maintained a consecutive daily active address count above 30,000.
In addition, an analysis of the 30-day active address measurement also highlighted a notable increase. From around July 14, a clear upward trend was observed. On that day, the number of active addresses was around 208,000. Since then, however, this number has climbed to over 232,000.
XRP is crashing
A look at the altcoin’s charts revealed a series of fluctuations in its market behavior. After a notable surge that culminated in gains of over 8% on July 17, a surge that pushed its price to around $0.60, the altcoin recorded consecutive red candles on the charts.
In fact, AMBCrypto found that XRP saw a significant drop of over 9% in the last trading session, bringing its price down to around $0.56.
Since then, the price has fallen another 4%, with the crypto valued at around $0.54 at press time.
Source: TradingView
– Realistic or not, here it is XRP Market Cap to BTC terms
It’s worth pointing out here that even though XRP has lost a lot of its value on the charts, it’s not all bad news. Its price is still trading above its long-term moving average (blue line) – a key support level.