XRP recorded a 1,609% spike in the number of Daily Active Addresses (DAAs) and a notable rise in its price
By Godfrey Benjamin
Editor Julia Sakovich
Updated
3 mins read
For good reasons, the XRP XRP $2.26 24h volatility: 1.4% Market cap: $132.77 B Vol. 24h: $2.83 B ecosystem is in the limelight, such as the spike in its daily addresses. Markedly, the XRP daily addresses recorded 1,609% in 24 hours. On top of that, the price of XRP, the network’s native coin, has recorded a significant rally lately.
Blockchain analytics firm Santiment noted that the number of Daily Active Addresses (DAAs) interacting with the XRP blockchain went from 32,000 on June 9 to 547,000 on June 10. This metric usually provides insight into the number of unique wallets transacting within the XRP ecosystem or interacting with Ripple’s network within a 24-hour period.
Such high DAAs are often an indication of increased interest and interaction from retail traders and institutions. They could also reflect rising utilization of the XRP Ledger (XRPL) following Ripple’s partnership with Web3 Salon, a project supported by the Japan External Trade Organization (JETRO). Together, both entities plan to support growth and innovation on the blockchain.
This recently recorded massive increase represents a 1,609% increase in just 24 hours. A closer look at this outlook suggests a significant surge in investor interest. A capital inflow could potentially accompany this, marking the highest single-day surge in user activity this year.
XRP Active Addresses and XRP Price | Source: Santiment
Also, the surge in DAAs suggests that investors are interested in engaging with the coin at its present price level. At the time of this writing, XRP price was at $2.29, corresponding to a 1.68% increase in 24 hours and 4.08% over the last 7 days.
However, market observers and experts are checking to see if the recent uptick in investor interest will translate into a further XRP price increase. If this is the case, it will go a long way toward ending the ongoing multi-month consolidation.
Analyst EGRAG CRYPTO is convinced that the XRP price may rally in the near future, and may reach as high as $27.
In his analysis, he drew an intriguing parallel to Alexander the Great’s military formation strategies. He highlighted the legendary formations of small, elite squads called hypaspists. Notably, the analyst hinted that the XRP price exhibits the same tactical flexibility, characterized by rapid pumps, unexpected breakouts, and maximum market agility.
Based on this, he projected that XRP will likely move swiftly and dominate when the moment is right.
Like XRP and its ecosystem’s optimism, Snorter is coming into the spotlight. This is a Solana meme crypto trading project designed in the likeness of an adventurous aardvark known for its active snort, which it leverages in its search for food. It blends meme coin fun with real crypto trading prowess.
It is powered through Telegram and touted as the best crypto trading bot, helping users identify the rarest market opportunities. So far, it has raised $614,027.46 out of a designated $1,018,246 in its ongoing presale.
Snorter is designed to dig through market data and provide real-time insights and convenient trading features on Telegram. With multi-chain push coming in the future, early adopters might have unlocked one of the best crypto presales set to overhaul on-chain trading.
Current Presale Stats:
Current Price: $0.0947
Amount Raised So Far: $614,027.46
Ticker: SNORT
Chain: Solana
There are just about 23 hours before the presale ends, allowing more interested parties to participate. Payments for the presale can be completed via card or crypto, particularly Solana SOL $160.1 24h volatility: 2.2% Market cap: $84.31 B Vol. 24h: $5.74 B .
Disclaimer: Coinspeaker is committed to providing unbiased and transparent reporting. This article aims to deliver accurate and timely information but should not be taken as financial or investment advice. Since market conditions can change rapidly, we encourage you to verify information on your own and consult with a professional before making any decisions based on this content.
Benjamin Godfrey is a blockchain enthusiast and journalist who relishes writing about the real life applications of blockchain technology and innovations to drive general acceptance and worldwide integration of the emerging technology. His desire to educate people about cryptocurrencies inspires his contributions to renowned blockchain media and sites.
