XRP Ledger Sees Highest Activity Since March: Price Prediction
Ripple (XRP) coin, a prominent cryptocurrency, managed to stop its losing streak and rebound to surpass $0.5822. This rally is attributed to several factors, including the overall strength of the crypto market, highlighted by Bitcoin (BTC), the leading cryptocurrency by market capitalization.
Furthermore, the surge in XRP’s price gained momentum as the XRP Ledger saw a significant increase in both new and existing addresses, reaching levels not seen since March. Moreover, recent economic data and speculation about Federal Reserve rate cuts have also contributed to the boost in XRP’s price.
It should be noted that the XRP Ledger has recently seen a surge in activity, with a record number of new and existing addresses reaching levels not seen since March.
On July 18, 1,721 new XRP wallets were created in one day, the highest since March 30. Additionally, active addresses hit 47,363, marking the most engagement since March 9. This increased activity reflects growing interest and use of the XRP Ledger.
Therefore, the surge in activity on the XRP Ledger has helped XRP gain momentum, leading to a rebound to $0.5822. This suggests that increased network engagement may support price stability.
On the US front, recent economic data and speculation about Federal Reserve rate cuts have positively impacted crypto market sentiment. A slowdown in inflation, shown by lower annual Consumer Price Index (CPI) figures, has raised hopes for interest rate cuts starting in September.
XRP Ledger is seeing a substantial amount of both new addresses created and total addresses interacting on the network. Both are at their highest levels since March. pic.twitter.com/AIeWzwannc
— Santiment (@santimentfeed) July 18, 2024
Consequently, the slowdown in
Read more on cryptonews.com
