The number of addresses on the XRP Ledger with non-zero balances has reached an all-time high of over 5 million. Despite this, the price of Ripple’s native token, XRP, remains quiet.
Technical analysts argue that this gap between increasing network activity and sluggish price action could result in a significant price breakout.
XRP Ledger Adoption Increases
January 27, on-chain analysis platform Santiment reported It is said that the number of XRP Ledger wallets with balances above 0 has reached 5.02 million. It added that this milestone represents the highest level in the 10-year history of the transaction.
It is worth noting that the biggest surge in network adoption has occurred over the past three years, when the number of XRP addresses has nearly doubled, up 170% from the start of 2020. Transaction volume from one wallet to another hit an all-time high of nearly 6 million earlier this month, according to XRPscan.
Read more: Ripple (XRP) price prediction for 2024/2025/2030
Despite these impressive metrics, XRP continues to consolidate without significant price action. After spot Bitcoin ETFs were approved in the U.S., they only rose to $0.615. Nonetheless, some analysts remain optimistic about its potential.
“The big pumps are coming in! Bullish Gartley’s Type 2 return looks really good with a bullish sweeping candle and buyers defending it by entering the $0.52 – $0.48 range. Backtest your range and send it in.” Famous XRP Trader said.
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