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Sujit Kumar
Oct 21, 2024
by Sujit Kumar

XRP Ledger Sees Surge in Active Wallets Amid SEC Appeal

XRP Ledger Sees Huge

Table of contents

  1. Reasons Behind the Spike
  2. Concentration of Transactions
  3. What's Next for XRP?
The XRP Ledger has witnessed a significant surge in active wallets, as reported by analytics platform Santiment. The number of unique wallets conducting at least one transaction per day has skyrocketed, reaching 35,799—marking the highest level in three months. Additionally, the XRP Ledger saw a record number of newly created wallets in a single day since March 14.

Reasons Behind the Spike

While the exact cause of the increase in activity remains unclear, it coincides with the SEC’s ongoing appeal in the Ripple case. XRP, currently the seventh-largest cryptocurrency, is trading at $0.54, reflecting a 1.1% gain over the last 24 hours. However, this rise in wallet activity has yet to significantly impact XRP’s price.

Concentration of Transactions

Interestingly, a large portion of transactions on the XRP Ledger is driven by just a few wallets. According to Artur Kirjakulov, CEO of XPMarket, only 10 wallets account for 58% of all transactions, with one wallet alone responsible for 15% of the activity. Despite this concentration, Kirjakulov advises against using this data to fuel centralization arguments against Ripple, noting that many of these wallets are not linked to the company.

What's Next for XRP?

While XRP continues to attract attention due to its ongoing legal saga with the SEC, the recent spike in ledger activity hints at growing interest in the network. However, whether this increased usage will translate into higher prices remains to be seen.

Disclaimer: The views and opinions expressed in this article are for informational purposes only and do not constitute financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
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XRP Ledger Sees Surge in Active Wallets Amid SEC Appeal
Sujit Kumar
Sujit received his Bachelors in Science from the LNMU Darbhanga. He is currently working as a Content Strategist. He has more than three years of professional experience in information systems, security policies, technologies, and Cryptocurrency. He has published 6 books in the area of information security and assurance. He has published more than 50 research articles in leading journals Regarding the Latest and Breaking Crypto News and updates. His research interests include access control, computer forensics, Digital Marketing, Web development, business hacks, player experience, and virtual storytelling.

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