- Ripple’s active sending addresses recently hit a six-month high, with over 12,230 addresses actively engaging in transactions.
- XRP fell by over 5% in the last trading session despite the surge in sending addresses.
Ripple [XRP] has recently seen a surge in network activity, with active sending addresses reaching a six-month high. This increase suggests heightened user engagement within the network.
Typically, increased blockchain activity correlates with growing interest in a project, prompting questions about how this aligns with XRP’s weighted sentiment and price movement.
Sending addresses reach a six-month peak
Data from CryptoQuant revealed that active sending addresses on Ripple surged to 12,230, the highest level seen in the last six months.
This spike indicates a renewed interest in XRP transactions, possibly from both users and developers.
Source: CryptoQuant
A rise in active sending addresses often indicates broader network adoption, which can be a catalyst for further market activity.
While this spike could signify growing interest, it remains to be seen if this momentum will sustain. Also, it’ll be interesting to note if it is a temporary uptick related to any recent development in the ecosystem.
Ripple sentiment remains mixed amid activity
Despite the rise in network activity, Ripple’s Weighted Sentiment has yet to show a clear positive or negative trend.
Sentiment analysis indicates a mixed trend, fluctuating with market conditions rather than settling into a single trend.
Weighted Sentiment gauges market confidence, and the current sentiment shows that investors remain somewhat cautious about XRP’s short-term prospects.
Source: Santiment
This sentiment could mean that, although network activity is high, investors are waiting for additional indicators of sustained growth before making significant moves.
XRP shows modest gains
XRP’s price has seen moderate gains, currently trading around $0.5123—a 2.11% increase on the day.
Technically, XRP was still trading below its 50-day moving average of $0.5569 at press time, alongside the 200-day moving average of $0.5375. The trend indicated a bearish sentiment, overall.
Source: TradingView
However, the increase in network activity, combined with these modest price gains, suggests a potential shift in market sentiment.
Realistic or not, here’s XRP market cap in BTC’s terms
With the Average True Range (ATR) at 0.0216, XRP’s recent price movements have shown low volatility, reflecting stability.
Should network activity remain elevated and sentiment improve, XRP could be well-positioned for further gains. The move could signal a broader shift in the market.
