The XRP network has witnessed two of its largest ever spikes in address activity over consecutive days, signaling a possible positive trend for the digital currency
The XRP network has recorded two of the highest spikes in address activity in its history over two consecutive days, according to blockchain analytics platform Santiment.
The data indicates a mild 4% decoupling from the rest of the altcoin pack, hinting at a possible upswing for XRP if it follows a similar trend to the activity spike it experienced on March 18. On that occasion, XRP’s price appreciated significantly in the weeks following the address activity surge.
XRP currently sits at $0.502306, up 4.2% on the day, and exhibiting a strong 7.8% growth on the week. This mild decoupling and the consecutive days of heightened address activity indicate that XRP might be gearing up for a more decisive breakout, as its behavior diverges from the broader crypto market trends.
For instance, Bitcoin and Ethereum, the two largest cryptocurrencies by market cap, have seen relatively flat or negative movements over the past week.
These historical address activity spikes come at a time of increased attention to Ripple and XRP. The company has been embroiled in a high-profile lawsuit with the US Securities and Exchange Commission (SEC) over the classification of XRP as a security.
However, Ripple’s CEO Brad Garlinghouse recently hinted that the case could be resolved within weeks, offering a positive outlook that might have spurred some of the increased network activity.
A resolution of the SEC lawsuit could provide a much-needed boost to XRP’s prospects, clearing uncertainties about its regulatory status and potentially leading to increased adoption.
