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$XRP has continued to face rising sell pressure as traders increasingly exit their positions, causing the <a href="https://xpertsstudio.com/bitcoin-price-spike-to-64-5k-was-low/” title=”Bitcoin price spike to $64.5K was ‘low”>price of the asset to remain around its local lows.
While this shows that momentum is fading and bear traders are rapidly dominating the market, the latestdatafrom Santiment shows that its network is providing a different signal that could stir interest again.
$XRP registers 34,318 active addresses
According to the data, $XRP active addresses have surged from 27,665 to 34,318 within just 24 hours.
The increase marks a notable 24.1% daily growth in $XRP network activity, suggesting that more addresses are actively using the $XRP network, even as the price of the asset struggles to recover.
While recent data also shows that daily active addresses on the $XRP ledger have soared to a two-month high of nearly 50,000, the metric has continued to draw attention considering its divergence from price action.
The consistent surge in the metric even at a time like this suggests that $XRP network participation is strengthening despite the weak price action.
How long till $XRP reclaims $1?
While $XRP’s consistent downward move has continued to stir concerns among holders, especially after it lost the $1 mark, the increase in active addresses marks a major divergence that has drawn attention from market analysts.
Just recently,$XRPslipped below $1 and has continued to trade in the $0.99–$1.00 range over the past week.
Nonetheless, such strong network activity provides brief relief as it could potentially drive demand for the asset, even though it does not guarantee an immediate price reversal.
Source: cryptonews.net