In spite of the sell-off, Ripple’s XRP is holding up fairly nicely. XRP maintained the $0.30 level throughout Thursday and traded in the same range on Friday without plunging. The primary catalyst continues to be the upcoming court decision on the SEC motion to assert attorney-client privilege over records relating to William Hinman’s 2018 address. The markets have been waiting for a court decision since June 16; however, it might not take long.
Santiment’s on-chain analytics show that starting February 2020, the number of daily unique active addresses on the XRP Network has increased to its highest level in about 2.5 years.
On June 26, there was a huge rise in the number of active addresses on the network. This occurred when the number of active addresses rose by 685 percent from the day before, going from 29,640 to 202,960 unique addresses.
The number of active addresses fell over the next few days, however, this decline was occasionally disrupted by unusual spikes in the activity of roughly 50,000 active addresses, followed by a decline. The XRP Network had 45,000 daily unique addresses on average at the end of June.
Ripple’s XRP Outperforms
In the past week, XRP has outperformed the majority of other altcoins. Additionally contributing to the price increase was Ripple’s expansion into Canada and New Zealand. Additionally, the introduction of the CBDC Innovative Challenge, which challenges programmers to develop applications capable of supporting retail CBDC and running on the XRP Ledger.
Additionally, data from Coinglass points to an impending price surge for XRP. XRP witnessed under $1 million in liquidations over the past 24 hours, compared to large liquidations for ETH, SOL, DOGE, SOL, ADA, and MATIC. Additionally, aside from FTX, long positions have started to increase once more across all major exchanges.