There has been a noticeable increase in network activity on the XRP Ledger. New addresses are being made at a rate that has never been seen before, and the number of interactions between addresses is at its highest level in four months.
Santiment data shows that XRPL has become one of the best-performing blockchains in July, with 1,721 new wallets being made in just one day. This is the most since the end of March. In addition, 47,363 unique addresses communicated over the network, which is the most since the network began.
XRP Network And Price
if this increase in network activity usually means that prices will change. He replied that more network activity usually means that prices will change for the better. But they warned that the first spikes are often followed by an adjustment because people are afraid of losing out (FOMO). A real test will be whether the amount of action in Ripple token can stay this high.
This rise in addresses comes at a time when the price of XRP is changing a lot. The price of the recognized cryptocurrency went up by 50% at the beginning of the month, but then it went down by 14%. XRP is worth $0.56 at the moment, which is the most it has been in three months.
It is still not clear if the rise in addresses is a sign of more price changes to come or a result of the 50% price increase that happened earlier. One thing is certain: the ongoing action on the XRP network will have significant consequences on how its price moves in the future.
