The XRP Ledger (XRPL) has witnessed a surge in address activity this week, coinciding with a price pump for the crypto asset.
The crypto analytics firm Santiment notes that the XRPL has recently seen a substantial amount of both new addresses created and total addresses interacting on the network, with both metrics hitting their highest levels since March.
“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.”
Explains the firm,
“There is generally positive movement with an uptick in network activity like this. However, there is often a ‘FOMO effect’ at the initial stages when the spike happens that causes a correction like we are seeing. Now is the test to see if XRP’s activity maintains these levels.”
XRP is trading at $0.574 at time of writing. The 8th-ranked crypto asset by market cap is up nearly 2.5% in the past 24 hours and more than 20% in the past seven days.
In terms of the Ethereum (ETH) rival Solana (SOL), Santiment envisions a bullish short-term future for the asset.
“The Solana faithful have been rewarded for their patience as prices have broken out +33% since the 4th of July. The climb is being fueled by crowd doubt toward SOL. Until (fear of missing out) FOMO replaces the (fear, uncertainty, and doubt) FUD, $200 SOL is very much reachable soon.”
SOL is trading at $169.33 at time of writing. The 5th-ranked crypto asset by market cap is up more than 7% in the past day and nearly 22% in the past week.
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