As a seasoned researcher with over two decades of experience in the financial markets, I have witnessed numerous trends and fluctuations that have shaped the crypto landscape. The recent surge in active sending addresses on the XRP blockchain is an intriguing development, especially given its contrasting price performance.
In recent times, there’s been an increase in blockchain transactions for XRP, as indicated by a substantial growth in the count of active transfer accounts, based on the most recent statistics.
Despite the asset’s persistent efforts to spark a substantial price surge, there’s been an uptick in active addresses. However, unfortunately, the altcoin has seen a steady drop instead, currently down by more than 10% over the past month.
XRP Active Addresses Hits 6-Month Peak
Based on the analysis by “maartunn,” a renowned crypto expert from CryptoQuant, it’s been reported that there has been a significant increase in the daily active sending addresses on the XRP blockchain. This figure currently stands at around 12,230, marking a six-month peak in terms of the number of these addresses participating in transactions daily.
Martunn underscored that the surge in active XRP addresses could signal a possible rekindling of investor enthusiasm towards XRP, potentially extending to the wider digital currency market. Furthermore, this heightened activity is viewed as a promising sign for the XRP blockchain’s growth and development.
According to the analysis by CryptoQuant, increased user involvement in XRP not only increases its worth as a blockchain asset, but it also makes it more attractive to potential investors.
XRP: Active Sending Addresses reaches a 6-month high
On a day-to-day basis, we see approximately 12,230 active sending addresses on the XRP blockchain. This surge in numbers suggests that action is making a comeback to the XRP network.
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— CryptoQuant.com (@cryptoquant_com) October 25, 2024
Additionally, the analyst pointed out that consistent use of a blockchain over time significantly contributes to its sustainability, and they mentioned that a rise in transaction frequency often indicates growing curiosity.
Nevertheless, although this surge in active addresses appears promising, CryptoQuant’s analyst has expressed caution, suggesting it is yet uncertain if this current growth in active addresses can persist.
Against The Backdrop Of Legal Developments
At present, an increase in the number of actively used send addresses coincides with some substantial advancements in the ongoing legal disputes involving this altcoin. Lately, XRP achieved a major legal triumph as a court document declared that XRP does not fall under the category of securities.
This decision represented a significant shift in the ongoing legal battle between Ripple Labs and the U.S. Securities and Exchange Commission (SEC).
For quite some time, Ripple has been involved in a legal dispute with the SEC, who claimed that XRP should be categorized as a security and thus comply with certain regulatory standards. The latest judgment has brought more transparency to the crypto, increasing trust among investors regarding the digital asset.
Recently, Ripple Labs submitted a document called a Form C with the U.S. Court of Appeals for the Second Circuit. This filing is a challenge against a recent SEC decision and seeks to create a solid legal basis that might avoid future disputes regarding the categorization of XRP.
Today, Ripple submitted a Form C detailing the points we intend to argue during our cross-appeal process. As we proceed, here are some key considerations:
The case is not about whether XRP, in and of itself, is a security. XRP is uniquely situated as having clarity (alongside BTC) in not being…
— Stuart Alderoty (@s_alderoty) October 25, 2024
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2024-10-26 14:46