Ripple (XRP) Surges in On-chain Activity Amid Bullish Price Trends
- Ripple (XRP) has shown a notable increase in on-chain activity in the last 24 hours.
- The XRP token showed a 35.66% decline in daily trading volume according to CMC data.
The US-based Ripple ecosystem has witnessed several advancements over the past few months. Amid its lawsuit against the SEC drawing to a close, the ecosystem also launched its very own stablecoin, RLUSD, in April. The blockchain activity of Ripple has shown significant growth over the last two months, as the token shows price recovery post the lawsuit.
According to Santiment data, the blockchain’s daily active addresses reached a new high of 47,363 on July 18, since March 9. This increase in activity indicates the ecosystem’s recovery since the recent SEC lawsuit, which caused dips in both prices and on-chain activity during June 2024.
XRP Ledger On-Chain Activity (Source: Santiment
)
Moreover, Ripple also witnessed an increase in network growth as stated by Santiment’s X post. The network recorded 1,721 new XRP wallets created in a single day, on July 18 reaching the highest since March 30.
However, in the last 24 hours, XRP has incurred a slight price dip, showing a daily price decline of 5.05%. Its daily trading volume also displayed a dip of 35.66%. At the time of writing, the token was trading at $0.557, according to CMC data.
XRP Price Monthly Overview
According to TradingView reports , XRP price’s monthly performance shows a 12.28% increase. Previously, in the third week of June, the altcoin was trading at a low of $0.48. Following this, prices plummeted during the July first week market crash. XRP slid to a three-month low of $0.38. However, during the market recovery period, the token priced in the upward momentum to reach current trading levels.
Presently, the token also recorded a 21.66% increase over the last seven days. XRP’s current bullish trend is highlighted by the short-term 9-day MA standing above the long-term 21-day MA in its daily price chart.
Furthermore, despite the short-term resistance at $0.55, XRP’s RSI stands at 60.34 indicating a buying sentiment in the market. According to market analysts, the altcoin has exhibited several wave movements in the past few months. Meanwhile, TheNewsCrypto analysts have predicted a bullish price of $0.7361in case of a price breakout.
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Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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