Recent data shows XRP is witnessing a notable rise in blockchain activity, with the number of active sending addresses at a six month climax. However, while its values have been stagnating recently, the altcoin’s price has dropped by more than 10 percent in the recent thirty days.
At least 12,230 addresses are transacting on the XRP blockchain at any given time, CryptoQuant analyst “maartunn” reports. Active addresses signals a resurgence of investor interest for XRP or a broader market activity.
XRP Faces Uncertain Activity Trend
The analyst pointed out that the more user participation on the XRP Blockchain increases the additional value to the XRP blockchain asset and increases its appeal to investors. It’s also seen as critical to the long term sustainability of active blockchain use.
But the analyst cautioned that it’s not clear yet whether this trend of address activity will continue upward. XRP’s legal developments are happening at the same time that the blockchain is surging. And a recent court ruling decided that Ripple is not considered a security, giving Ripple Labs a major boost in its long legal war against the United States Securities and Exchange Commission (SEC).
The decision has fueled market confidence in Ripple , which Ripple is fighting the SEC on its claims that Ripple should be regulated as a security. Ripple Labs has also filed a Form C with the U.S. Court of Appeals for the Second Circuit on a separate legal move, challenging a recent SEC ruling.
The purpose of this filing is to establish a legal precedent setting a framework to prevent future regulatory controversies over the classification of Ripple. With legal victories in its corner and rising activity on the blockchain, Ripple could be about to see a change, although its price performance is still being keenly watched.
