How the Adoption of the XRP Ledger Nearly Doubled in 3 Years

9 months ago 4

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The number of addresses on the XRP Ledger with a non-zero balance has reached a record high of over 5 million. Still, the price of Ripple’s native token, XRP, remains muted.

Technical analysts maintain that such divergence between rising network activity and lackluster price action could result in a significant price breakout.

XRP Ledger Adoption Grows

On January 27, on-chain analytics platform Santiment reported that the number of wallets on the XRP Ledger holding a balance above zero had reached 5.02 million. It added that the milestone represents the highest level in its ten years of trading history.

It is worth noting that the most significant spike in network adoption happened in the last three years, when the number of XRP addresses nearly doubled, representing a 170% increase since the beginning of 2020. Furthermore, the number of transactions on the XRP Ledger from one wallet to another reached an all-time high of almost 6 million earlier this month, according to XRPscan.

Despite these impressive metrics, XRP continues to consolidate without any significant price action. It only managed to rise to $0.615 following the approval of spot Bitcoin ETFs in the US. Still, some analysts remain bullish on its potential.

“Massive pump incoming! Looks really good with buyers stepping in and defending the $0.52 – $0.48 range with a bullish engulfing candle on the type 2 return of the Bullish Gartley. Backtest the range and send it,” a renowned XRP trader said.