XRP wallet numbers surge to highest level since March

XRP Ledger saw record activity for both new and existing addresses during the latest upswing but hit a roadblock in the latest rally with the price correcting to the $0.57 area.
Recently, the XRP Ledger has seen significant growth in both new and existing addresses, reaching levels not seen since March. This active activity comes at a time when XRP is experiencing a sharp market correction, with prices recently dropping to $0.57.
XRP Ledger Records Growth in New XRP Wallets
According to on-chain data, XRP Ledger created 1,721 new XRP wallets in one day, the most since March 30. The surge in new wallets suggests that interest from new investors is increasing and the user base is likely to expand.
Additionally, the number of individual addresses interacting with the network in a single day reached 47,363, the highest level of participation since March 9. The increase in active addresses not only indicates an increase in trading activity, but also an increase in the usage of the XRP Ledger in various transactions.
In response to community questions, Santiment noted that increased network activity generally generates positive momentum. However, there tends to be a “panic selling effect” during spikes, which has led to the correction that is currently being observed. The platform also added that the current test is to see if XRP’s activity can maintain these levels.
Market Impact and XRP Price Performance
Accompanying the increase in on-chain activity, XRP’s price saw its highest weekly gain ever, reaching a high of $0.6378 on July 17. However, the price later corrected to $0.5538, a 5% drop amidst the overall market correction and traders taking profits.
Additionally, XRP recently surpassed Bitcoin in terms of trading volume in South Korea. It reached a peak of $6.5 million in 24-hour trading volume on the country’s leading cryptocurrency exchange, more than 2.3 times that of Bitcoin.
Despite these positive trends, XRP markets have seen notable volatility, including a large number of withdrawals. Data from Whale Alert shows that about $111.8 million worth of XRP was withdrawn from two major exchanges in a single day. The funds were transferred to other well-known exchanges, including Bitso and Bitstamp.
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