XRP Ledger Activity Surges
XRP Ledger (XRPL) is experiencing heightened network activity, and that’s generally seen as a positive sign for its native token’s price. Recent data indicates that large holders, or “whales,” are actively accumulating XRP, with addresses holding at least one million coins showing a notable increase.
Significant Growth in XRP Ledgers
According to XPost, the on-chain analytics platform Santiment has noted a significant rise in XRP ledger activity, particularly among key stakeholders. For the first time in its 12-year history, more than 2,700 wallets classified as whales and sharks are now holding a minimum of one million XRP.
Moreover, Santiment reported that the number of active XRP addresses averaged over 295,000 daily in the past week. This is pretty impressive when you consider that the average over the last three months ranged from just 35,000 to 40,000. Notably, there were several major developments on XRPL last week.
One of these was the launch of Circle’s USDC Stablecoin on the XRP ledger, which is anticipated to bolster network activity as demand continues to rise. Crypto analyst Moon Lambo believes this could increase the total locked value (TVL) on the network. He also pointed out the bullish implications for XRP, given that each USDC transaction requires users to hold the token.
Additionally, Ondo Finance introduced the US Treasury Fund (OUSG), which is tokenized on the XRP ledger. Funds supported by BlackRock can be easily created and redeemed using the RLUSD Stablecoin. Furthermore, Guggenheim recently teamed up with Ripple to roll out its first digital commercial paper on XRPL.
Price Predictions on the Rise
With the uptick in XRPL activities, analyst Javon Marks has speculated that XRP could see price increases above $4, possibly even reaching $8. He highlighted that the altcoin has displayed a clear breakout pattern and seems poised for considerable bullish momentum, with target prices set at $4.80 and $8.
Meanwhile, analyst Dark Defender hinted at prior analyses suggesting that XRP could reach these price points within a fortnight. There’s a belief that it could hit $6 during this impulsive wave. He’s also predicted that XRP may reach double digits in this market cycle.
However, it’s important to note that XRP prices have dipped below the 2.25 mark again. Analyst Casitrades warned that if the 2.25 level remains resistance, support levels at $2.01, $1.90, and $1.55 might come into play.
As of now, XRP is trading around $2.16, reflecting a more than 3% change in the last 24 hours per CoinmarketCap data.
