XRP prices continuously rebounded from the low of $0.30 throughout June. Prices have again reached near the bottom and witnessed interest from retail investors, as well as whales. The on-chain data reveals that the number of unique daily active addresses on the XRP network is growing.
XRP Price Expects Strong Upward Momentum
Ripple users believe that XRP is the best product when it comes to global payments because it is faster, cheaper, more scalable and more durable than other digital assets.
According to an on-chain analytics company Saniment, the number of unique daily active addresses jumped by more than 200,000 at the end of June, reaching the highest level in the last two and a half years. An increase of nearly 700% was seen on June 26. The next day, active addresses fell to 50,000. At the end of June, the average number of unique daily addresses on the XRP network was 45,000. It shows growing interest from investors.
“XRP holds up better than most altcoins on a Thursday crypto slide day. A few days ago, the XRPNetwork exploded with unique addresses interacting on the network, surpassing 200,000 for the first time since February 2020. It’s worth watching.“
XRP performed better than most other altcoins last week. Price strength was also due to Ripple’s expansion in Canada and New Zealand. Additionally, the announcement of the CBDC Innovative Challenge which allows programmers to build applications that can run on the XRP Ledger and support retail CBDC.
Otherwise, Coinglass Data indicates an upcoming price rally in XRP. In the past 24 hours, when ETH, SOL, DOGE, SOL, ADA, and MATIC saw massive liquidations, XRP only saw $1 million in liquidations. Additionally, long positions have started to rise again on all major exchanges except FTX.
Status of the SEC lawsuit against Ripple
The pending court ruling on the SEC’s motion to protect documents related to William Hinman’s 2018 speech under solicitor-client privilege remains critical. On June 27, defendants Brad Garlinghouse and Chris Larsen filed a letter of objection in response to redactions proposed by the SEC.
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