Unique Active Addresses on XRP Ledger Sees Unusual Surge

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📈 As a seasoned crypto investor with over a decade of experience in the wild and volatile world of digital assets, I’ve seen my fair share of market trends and fluctuations. The recent surge in active wallets on the XRP Ledger, as reported by Santiment, has definitely piqued my interest. With 35,799 unique wallets making at least one transfer in a single day, this is the highest spike recorded in over three months – a clear sign that there’s something brewing in the Ripple ecosystem.

Information provided by blockchain analysis service Santiment indicates a notable increase in active wallets on the XRP Ledger (XRPL). Consequently, this surge caused the unique active addresses on the protocol to reach 35,799 – the highest increase observed over the past three months.

🌐 The number of active XRP wallets has skyrocketed, with a record-breaking 35,799 unique wallets conducting at least one transaction daily – the highest figure in more than three months. Furthermore, it’s been approximately seven months since we saw such a high number of new wallet creations, with an impressive 3,858 new wallets being established daily!

— Santiment (@santimentfeed) October 20, 2024

Besides an uptick in unique digital wallets, XRPL experienced a surge in newly-minted wallets in just one day, starting from March 14.

XRP Ledger Ecosystem Records General Uptick

It’s been found through blockchain data that a small group of users have been dominating the majority of activities on the XRP Ledger. In September, the head of XPMarket, Artur Kirjakulov, uncovered that just 10 digital wallets account for about 58% of all transactions on this ledger. One specific wallet is responsible for approximately 15% of these transactions. Interestingly, Kirjakulov stated that the majority of these active wallets are not associated with Ripple Labs Inc.

Consequently, he suggested that the data should not be employed to bolster recurring claims advocating against a blockchain payments company. Simultaneously, the value of XRP has surged, registering a 1.09% increase over the previous 24 hours. At the time this was written, the digital currency was trading at $0.5475. In terms of market capitalization, XRP maintains its position as the seventh largest cryptocurrency.

Even though the current price of XRP is slightly higher than its previous level, it’s important to mention that the increase in active wallets hasn’t led to a similar rise in price so far. Analysts and market watchers anticipate a significant price increase for XRP, potentially reaching $1, due to various upcoming events and upgrades.

It’s still unclear what’s causing the recent surge in trends, but Ripple (XRP) has been a focus of attention lately because of its ongoing legal dispute with the U.S. Securities and Exchange Commission (SEC).

SEC vs. Ripple Update

For several weeks now, the regulator has been challenging specific parts of Judge Analisa Torres’ decision in their legal dispute with Ripple by lodging an appeal.

As a researcher, I’d like to draw attention to the fact that the Securities and Exchange Commission (SEC) has lodged an appeal, primarily questioning whether the district court made an error in favoring Ripple Labs with partial summary judgment. The SEC seems to have a specific concern regarding Ripple Labs’ sales of XRP on digital exchanges.

Recently, the Commission submitted fresh documents in the case. Specifically, they filed a “Pre-Argument Statement for Civil Appeal” (Form C) with the US District Court for the Southern District of New York. This step is taken to have the court reconsider specific aspects of the previous verdict from scratch.

Instead of just reconsidering the final decision made, a judge might choose to examine anew how the law was interpreted during the original verdict.

Contrarily, Ripple is eager to bring an end to a nearly four-year long struggle with the SEC, hoping they will ultimately lose this fight. The financial transactions company has also submitted a counter-appeal against the SEC. They aim to delve deeply into the broader legal questions pertinent to the case, as their Form C filing is expected this week.

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2024-10-21 13:46