Ripple Records Record-Breaking Influx of Unique Addresses

Updated:

According to data from on-chain analytics platform Santiment, Ripple (XRP) recorded a behemoth inflow of unique addresses yesterday like never seen in over two years.

According to Santiment, the XRP network recorded 243,000 unique addresses on July 26, a record number not seen since February 2020. The on-chain data provider also revealed that the record-breaking activity influx occurred within only four hours. While this influx does not correlate with the price of XRP, it says a lot about how Ripple is being perceived, despite the ongoing market crisis.

Announcing the data via Twitter on Tuesday, Santiment noted:

“XRPNetwork has just hit a huge milestone. The amount of unique addresses currently interacting on the network has exceeded 247k in just a 4-hour window. This is the highest spike recorded since February 2020. New $XRP addresses created remain steady.”

The Ripple network has recorded a series of anomalies in recent weeks. On July 22, XRP recorded a massive spike in trading volume across exchanges. Reports show that the trading volume tapped 18.6 million XRP within the last few hours of the day. This volume was a 1,200% spike from the standard trading volume recorded around that time.

The recent developments indicate that Ripple and the XRPL have so much potential in stock for them in the future.

Key Ripple Levels to Watch — July 27

Following a rough start to the week, Ripple snapped the bearish streak around $0.3260 yesterday. The cryptocurrency has proceeded to return atop the May trendline, with the $0.3500 – $0.3600 range coming into focus again.

XRPUSD – 4-Hour Chart on Gemini. Source: TradingView.

However, the US Fed has delivered a 75 basis points (bps) rate hike in its July FOMC meeting today, posing a strong possibility of a sharp decline in the coming hours. If we fail to see a change in trend (XRP remains unaffected by rate hike announcement) in the coming several hours, we could see an aggressive bullish resumption, with XRP retaking the $0.3600 top.

Meanwhile, my resistance levels are $0.3500, $0.3600, and $0.3700, and my support levels are $0.3400, $0.3300, and $0.3200.

Total Market Capitalization: $1.03 trillion

Ripple Market Capitalization: $16.9 billion

Ripple Dominance: 1.64%

Market Rank: #7

 

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Azeez Mustapha

Azeez Mustapha is a trading professional, currency analyst, signals strategist, and funds manager with over ten years of experience within the financial field. As a blogger and finance author, he helps investors understand complex financial concepts, improve their investing skills, and learn how to manage their money.