The top crypto payment platform Ripple has experienced a massive increase in activity on the network. On-chain data from Santiment shows that XRP wallet address activity has reached it’s second and third-highest levels in the last few days.
Specifically, the network recorded a 4,600% increase in active addresses, which is the total number of unique addresses engaging in any form of transaction on the Ripple blockchain. The huge increase suggests that there are many more people using the network for transactions, which is a sign of increasing adoption.
Ripple has only experienced higher activity than in the past few days back in March when XRP price surged by 45%. in a similar manner, the current sruge in activity is happening alongside an increase in the price of XRP. If the increased activity had anything to do with the XRP rally in March, then a similar price increase may be anticipated if everything else is normal.
The sixth largest cryptocurrency by market cap currently, XRP price has increased steadily in within the last 24 hours to reach a peak of $0.505 from $0.48. Although the price has dipped a bit, it still maintains strong momentum between $0.499 and $0.505, suggesting that it may still push upward at any moment.
Ripple Gaining Popularity In Spite of Court Case
Ripple and its executive have been in court since 2020 to challenge the allegation by the Securities and Exchange Commission (SEC) that XRP is a security. It was a challenging time for the company as many cryptocurrencies including Coinbase delisted the token.
XRP price suffered for a while as a result of the initial effect of the lawsuit. The price plummeted to a low of $0.2118 as exchanges delisted the asset and sentiment around it became negative. Few years down th line, the case is still ongoing, but the sentiment around XRP has improved in spite of the ongoing case.
While Coinbase is still contemplating relisting XRP, renown crypto payment gateway CoinGate has since relisted the asset. Even prior to this, XRP was one of the top performing assets early this year when the crypto market made a recovery from the crash last year.
If anything, the SEC lawsuit has made the cryptocurrency more popular than it initially was, because of the progress the company is making in the case. There have been several small wins and the crypto space is hopeful that things could turn out in favor of XRP, which will be good for the whole industry.
Uphold Refuses to Delist XRP
Even in the heat of the debate on whether XRP was a security or not, one crypto exchange that refused to delist the asset was Uphold. The exchange assured the crypto community last month that it was not delisting XRP or limiting its services in any way because it was convinced that the top asset was not a security.
With the case which is almost coming to a conclusion, XRP and Ripple may be seeing better days if the court rules in favor of the company. This is a landmark case whose outcome will significantly affect the crypto industry especially in the US.
The SEC refers to any cryptocurrency other than bitcoin as a security, so the verdict for XRP could be extended to other crypto assets.
The post Ripple Network Activity Surges to Unprecedented Levels. Will XRP Price Follow? first appeared on CryptocyNews.com.
from CryptocyNews.com https://www.cryptocynews.com/ripple-network-activity-surges-to-unprecedented-levels-will-xrp-price-follow/
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