Highlights:
- XRP Ledger wallets witnessed an incredible spike in activity counts to achieve new records.
- The surging XRPL wallet activity signifies enthusiasts’ faith in XRP amid its regulatory compliance concerns.
- Black Swan Capitalist founder speculated that a necessary supply shock will drive XRP’s future rally.
In one of its latest posts on X, crypto-on-chain analytical firm Santiment spotted a significant surge in XRP Ledger (XRPL) active wallets. According to Santiment, the operational wallets have spiked to incredible heights of about 35,799 distinct addresses. Consequently, no day has passed without an XRPL transaction. The on-chain tracker noted that for each day, an XRPL must trigger at least one transfer.
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Interestingly, Santiment noted that the XRPL active addresses new levels marked the entity’s highest position since July 16. Part of the on-chain analytical platform tweet read thus: “XRP Ledger has spiked in active wallets significantly, reaching 35,799 unique wallets making at least one transfer in a single day, the highest in over three months.”
Highlighting one of the most significant metrics contributing to the markedly raised XRPL active wallets, Santiment mentioned that 3,858 new wallets graced the crypto space in a single day. In its exact wordings, Santiment remarked: “Additionally, 3,858 new wallets were created in a single day, the highest amount in over seven months!”
🤯📈 XRP Ledger has spiked in active wallets significantly, reaching 35,799 unique wallets making at least one transfer in a single day, the highest in over 3 months. Additionally, 3,858 new wallets were created in a single day, the highest amount in over 7 months! pic.twitter.com/DcwTzh8NcE
— Santiment (@santimentfeed) October 20, 2024
XRP Ledger Wallets Record Activity Surge Amid Regulatory Uncertainties
Over the past four years, the United States Securities and Exchange Commission (SEC) and Ripple, the XRPL owners, have been engaging in court battles. While Ripple seems to have scored more victories over the SEC, both parties have failed to attain a common ground.
Recently, the SEC filed a court appeal challenging the verdicts that declared XRP a non-security asset. Additionally, the SEC appealed the ruling that cleared Ripple executives of the security assets sales charges levied against them. Interestingly, the regulatory agency requested a fresh review of the decision, eliciting more protracted court battle concerns among XRP holders.
In response to the SEC claims, Ripple’s Chief Legal Officer (CLO) Stuart Alderoty revealed on X that Ripple anticipated the SEC’s latest move. Hence, the cross-border payment firm intends to file a Form C this week. Notedly, legal chief Jeremy Hogan waded into the discussion, tagging the SEC decision a “chicken move.”
Meanwhile, considering the legal dispute saga and the XRPL active wallet spike, one could assert that investors have placed potent faith in Ripple and its payment network. Therefore, the feat should be a positive price drive catalyst for XRP, Ripple’s native token.
Supply Shock Will Drive XRP’s Future Spike
In a tweet making rounds, Versan Aljarrah, the founder of Black Swan Capitalist, speculated that an XRP supply surge would orchestrate the token’s upcoming rally. According to Versan, a period is coming when the US dollar will disappoint failing institutions, hoping to secure liquidity.
Additionally, the Black Swan Capitalist founder noted that during such periods, XRP will come in handy to stabilize currencies, economies, and global debt. Consequently, the token demands will become necessary rather than speculative.
The next #XRP surge will likely be driven by a supply shock as failing institutions try to secure liquidity when the U.S. dollar fails to deliver
XRP will play a key role in stabilizing currencies, economies, and global debt, making demand not speculative but necessary pic.twitter.com/qQ5auKoA6Q
— Black Swan Capitalist (@VersanAljarrah) October 20, 2024
XRP Records a 3% Upswing in its Short-Term Variable
XRP is changing hands at roughly $0.55, reflecting a 3% price jump in the past 24 hours. In other extended period price change variables, XRP recorded increments apart from its 30-day-to-month variable, which recorded a 5.1% decline.
For context, XRP’s 7-day-to-date and 14-day-to-date statistics witnessed upswings of about 2.9% and 2.4%, respectively. Other relevant market variables revealed that XRP boasts a $31.4 billion market capitalization. Interestingly, XRP’s 24-hour trading volume is up by a whopping 80.94% with a $1.03 billion valuation.
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