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Breaking News: Major Win For Memecoins: SEC Affirms They Typically Do Not Qualify As Securities
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Breaking News: Major Win For Memecoins: SEC Affirms They Typically Do Not Qualify As Securities

XRP Active Addresses Hits 6-Month Peak—Could A Market Shift Be Coming?

Samuel Edyme
Samuel Edyme
6 months ago
3 mins read
XRP Active Addresses Hits 6-Month Peak

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Este artículo también está disponible en español.

XRP has recently witnessed a surge in blockchain activity, marked by a significant rise in the number of active sending addresses, according to latest data.

This increase in active addresses comes amid the asset’s continuous struggle to register any significant rally in price. Instead, the altcoin has steadily decline now down by over 10% in its 30-day performance.

Related Reading

XRP Price Faces Ongoing Struggles

XRP Price Faces Ongoing Struggles: Will a Turnaround Happen?

6 months ago

XRP Active Addresses Hits 6-Month Peak

According to a CryptoQuant analyst known as “maartunn,” the daily active sending addresses on XRP’s blockchain have reached a six-month high, with roughly 12,230 number of addresses transacting daily.

XRP active addresses.
XRP active addresses. | Source: CryptoQuant

maartunn highlighted that this resurgence in active addresses indicates a potential return of investor interest in XRP and possibly in the broader cryptocurrency market. Additionally, the increase in activity is seen as a positive development for the XRP blockchain.

The CryptoQuant analyst suggested that rising user participation not only boosts XRP’s value as a blockchain asset but also enhances its appeal to investors.

XRP: Active Sending Addresses reaches a 6-month high

“The number of Active Sending Addresses on XRP reaches 12,230 on a daily basis… The increase signals that activity is returning to the XRP Blockchain.” – By @JA_Maartun

Link 👇https://t.co/8ejsxFt5wO pic.twitter.com/VnYPrHXjJb

— CryptoQuant.com (@cryptoquant_com) October 25, 2024

The analyst also noted that active usage of a blockchain is essential for its long-term viability, adding that an uptick in transaction activity typically reflects increasing interest.

However, despite all these positivity the increase in active addresses indicates, the CryptoQuant analyst cautioned that it remains to be seen whether this recent momentum in active addresses can be maintained.

Against The Backdrop Of Legal Developments

The surge in active sending addresses comes at a time when the altcoin is seeing some notable developments in its ongoing legal battles. Recently, XRP scored a significant legal victory when a court filing confirmed that XRP is not considered a security.

This ruling marked a major turning point in the long-standing legal dispute between Ripple Labs and the United States Securities and Exchange Commission (SEC).

XRP price chart on TradingView
XRP price is moving upwards on the 2-hour chart. Source: XRP/USDT on TradingView.com

For years, Ripple has been embroiled in a case with the SEC, which argued that XRP should be classified as a security and therefore be subject to specific regulatory requirements. The recent decision has provided a new level of clarity for the altcoin, boosting confidence in the asset among market participants.

Related Reading

XRP Price Struggles

XRP Price Aims to Recover: Can It Reverse the Downtrend?

6 months ago

In another recent legal development, Ripple Labs filed a Form C in the United States Court of Appeals for the Second Circuit. The filing challenges a recent SEC ruling, aiming to establish a legal foundation that could prevent future regulatory conflicts over XRP’s classification.

Today, Ripple filed a Form C – listing the issues we plan to raise on our cross appeal. A few things to keep in mind as we move forward:

The case is not about whether XRP, in and of itself, is a security. XRP is uniquely situated as having clarity (alongside BTC) in not being… https://t.co/AmFocAnbPx

— Stuart Alderoty (@s_alderoty) October 25, 2024

Featured image created with DALL-E, Chart from TradingView

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Samuel Edyme
Samuel Edyme

Samuel Edyme

Meet Samuel Edyme, Nickname - HIM-buktu. A web3 content writer, journalist, and aspiring trader, Edyme is as versatile as they come. With a knack for words and a nose for trends, he has penned pieces for numerous industry player, including AMBCrypto, Blockchain.News, and Blockchain Reporter, among others.

Read more

Edyme’s foray into the crypto universe is nothing short of cinematic. His journey began not with a triumphant investment, but with a scam. Yes, a Ponzi scheme that used crypto as payment roped him in. Rather than retreating, he emerged wiser and more determined, channeling his experience into over three years of insightful market analysis.

Before becoming the voice of reason in the crypto space, Edyme was the quintessential crypto degen. He aped into anything that promised a quick buck, anything ape-able, learning the ropes the hard way. These hands-on experience through major market events—like the Terra Luna crash, the wave of bankruptcies in crypto firms, the notorious FTX collapse, and even CZ’s arrest—has honed his keen sense of market dynamics.

When he isn’t crafting engaging crypto content, you’ll find Edyme backtesting charts, studying both forex and synthetic indices. His dedication to mastering the art of trading is as relentless as his pursuit of the next big story. Away from his screens, he can be found in the gym, airpods in, working out and listening to his favorite artist, NF. Or maybe he’s catching some Z’s or scrolling through Elon Musk’s very own X platform—(oops, another screen activity, my bad…)

Well, being an introvert, Edyme thrives in the digital realm, preferring online interaction over offline encounters—(don’t judge, that’s just how he is built). His determination is quite unwavering to be honest, and he embodies the philosophy of continuous improvement, or “kaizen,” striving to be 1% better every day. His mantras, “God knows best” and “Everything is still on track,” reflect his resilient outlook and how he lives his life.

In a nutshell, Samuel Edyme was born efficient, driven by ambition, and perhaps a touch fierce. He’s neither artistic nor unrealistic, and certainly not chauvinistic. Think of him as Bruce Willis in a train wreck—unflappable. Edyme is like trading in your car for a jet—bold. He’s the guy who’d ask his boss for a pay cut just to prove a point—(uhhh…). He is like watching your kid take his first steps. Imagine Bill Gates struggling with rent—okay, maybe that’s a stretch, but you get the idea, yeah. Unbelievable? Yes. Inconceivable? Perhaps.

Edyme sees himself as a fairly reasonable guy, albeit a bit stubborn. Normal to you is not to him. He is not the one to take the easy road, and why would he? That’s just not the way he roll. He has these favorite lyrics from NF’s “Clouds” that resonate deeply with him: “What you think's probably unfeasible, I've done already a hundredfold.”

PS—Edyme is HIM. HIM-buktu. Him-mulation. Him-Kardashian. Himon and Pumba. He even had his DNA tested, and guess what? He’s 100% Him-alayan. Screw it, he ate the opp.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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