Ripple sees 100% surge in new addresses: How will it impact XRP?
Analysis shows a surge in new and active addresses while XRP stays stable at $0.55. Read on to explore how on-chain activity could impact the price.
- Ripple saw a record-breaking spike in new addresses, with nearly 4,150 created on October 20th, the highest since March.
- Despite a surge in new and active addresses, XRP’s price remains stable, showing limited reaction to positive on-chain trends.
Analysis of the Ripple [XRP] addresses showed that there has been a surge in new addresses in the past few days. Also, there has been a surge in daily active addresses, showing a strong on-chain activity. However, the price is yet to respond to these positive on-chain trends.
Ripple’s new addresses spike
According to Santiment, Ripple experienced a surge in new address creation, reaching 1,672 new addresses on 17th October. The growth didn’t stop there.
By 19th October, the number of new addresses spiked to over 3,000, marking the highest daily figure for wallet creation since March.
This upward trend continued, and on October 20th, Ripple set a new record with almost 4,150 new addresses created in a single day.
This sharp increase highlights a growing interest in Ripple as more wallets are being created, signaling strong user engagement within the network.
More Ripple addresses become active
In addition to the growth in new addresses, there has been a noticeable spike in the number of daily active addresses on Ripple’s network. On October 19th, daily active addresses surged to 36,000, the highest number since July.
Even though the number dropped to around 23,000 the following day, it still marked the third-highest active address count in the month.
This surge in daily active addresses suggests that many of the newly created addresses are becoming active, potentially participating in trades and other network activities. The uptick in on-chain activity reflects growing interest and engagement from Ripple users.
XRP yet to respond to positive on-chain signals
Despite the strong on-chain signals, Ripple’s (XRP) price has yet to react significantly to the recent spikes in new and active addresses. The daily price chart shows XRP has shown no major price movement over the past few days.
However, XRP continues to trade above its 200-day moving average (blue line), which has provided strong support at around $0.50.
On the other hand, the 50-day moving average (yellow line) continues to act as resistance at approximately the same price level. As of this writing, Ripple is trading at around $0.55, showing a slight upward trend.
Realistic or not, here’s XRP market cap in BTC’s terms
The Relative Strength Index (RSI) indicates that while XRP is still in a bearish trend, the downward momentum has weakened, suggesting that the market may be preparing for a shift.
Though the price remains stable for now, the surge in new and active addresses points to increased activity that could impact Ripple’s price soon.
