XRP is clearly on a bullish spree, possibly not just in terms of price but also in terms of other indicators of the protocol’s development. A well-known XRP user on Twitter, @xspectDS, claims that there has been a sharp increase in the overall number of wallet addresses, some of which have up to one million XRP coins in them. These addresses are now valued at 1,900, per the study.
One of the cryptocurrencies that has performed the best so far this year is XRP, and as has been shown, whale activity is the cause of this amazing surge. Additionally, xspectDS said that whale XRP accounts with more than 100 million tokens have increased to 199, and that open interest in the coin is currently estimated at $1.2 billion, which is a two-year high.
Investor interest in the coin is currently being rekindled by the strong fundamentals underlying the XRP platform. Addresses on the XRP network are now more active, as seen by a 23% increase in the number of active addresses over the previous month and a 43% increase over the same period last year.
The community may quickly assume that an upcoming and renewed rally is anticipated for XRP in the short and long terms given these good growths.
Sustained bullish triggers
The last month has been the most crucial since the United States Securities and Exchange Commission (SEC) launched its action against Ripple Labs Inc., since Judge Torres said that XRP alone is not an investment contract.
Despite the market regulator’s intention to appeal the decision, community emotion associated with the win is likely to last for at least two years until another verdict is issued, if at all.
The persistent mood will continue to support XRP’s rise while assisting in maintaining its resilience through inevitable market meltdowns.
