As volatility continues in the cryptocurrency market, data from the XRP Ledger network has caught the attention of investors. On-chain analytics platform Santiment reported that the number of wallets on the XRP network has reached an all-time high, with a significant increase in new user participation.
According to data shared by Santiment, the number of wallets with a balance greater than zero on the XRP Ledger network has reached a new all-time high of 8.24 million. It was noted that this steady increase in wallet numbers continues despite the fluctuations in the XRP price in recent months.
The acceleration of network growth during the period when XRP was trading at approximately $1.36 was also noteworthy. According to Santiment data, 4,772 new wallets were created in a single day. This figure marks the fifth largest daily increase recorded since March.
Analysts believe the acceleration in new wallet creation activity could signal a renewed surge in interest in the XRP ecosystem. However, Santiment stated that for growth on the network to support bullish expectations, price movements must also confirm this trend.
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XRP Price at $1.40 Critical: Two Different Scenarios
Santiment stated that the first important level to watch for the XRP price in the short term is $1.40.
According to the platform, a rapid return to the $1.50 level could become possible if XRP maintains a sustained move above $1.40 and the number of new daily wallets remains around or above 4,000.
However, in a negative scenario, if XRP loses the $1.30 support level and daily new wallet creation falls below approximately 3,000, it could indicate that the positive signals from increased adoption on the network are weakening in the short term.
*This is not investment advice.
Continue Reading: A Major All-Time High Was Set on the XRP Network: Two Price Levels Are in the Spotlight