XRP Ledger Experiences Surge in Activity and Holder Interest
The XRP Ledger is witnessing a significant boost in activity. According to Santiment, a blockchain analytics firm, daily interactions on the network have soared to an average of 295,000 daily interactions. This is a massive leap from the usual 35,000 to 40,000 seen in recent months.
Notably, there are now over 2,700 wallets holding at least one million XRP. This is a first in the network’s 12-year history,indicating growing interest from major players. Such a trend often signals increased confidence in the network’s future.
Over the past week, XRP’s price has fluctuated between $2.10 and $2.32. It currently trades at $2.2373,up 2.7% in the last 24 hours. Trading activity has spiked by 248%, showing heightened short-term interest.
Coinglass data reveals a 3% rise in open interest to $4.02 billion and a 300% jump in derivatives volume to $9.57 billion. This suggests rapid trading rather than long-term investments.
Technically, XRP is moving sideways with mixed signals.While it shows modest upward momentum above short-term moving averages, longer-term averages remain bearish. The relative strength index is neutral at 50.19, and other indicators suggest limited volatility. if buying pressure continues, XRP could break above $2.32. Conversely, a drop below $2.20 might test support near $2.08.
With increased ledger activity and more large wallets, the market appears poised for a significant shift.
