XRP Blockchain Activity Spikes as Active Sending Addresses Reach Six-Month Peak

Activity on the XRP blockchain is experiencing a remarkable resurgence. Recent data from CryptoQuant highlights a significant uptick in on-chain activity for XRP.

Recent data from CryptoQuant highlights a remarkable resurgence in on-chain activity for XRP (XRP). This uptick has seen 12,230 active addresses engaged in daily activity, indicating a renewed surge in market interest in the cryptocurrency.

According to CryptoQuant analyst Maartunn, this uptick strongly indicates shifting sentiment in favor of XRP and potentially the broader crypto market. Increasing active addresses often reflects heightened interest and asset movement on a blockchain, suggesting a rise in XRP’s relevance and utility.

Maartunn concludes by noting that whether this momentum will persist remains to be seen, but the recent activity is an encouraging sign for XRP holders.

Notably, this spike in XRP on-chain activity comes at a time when XRP is trading at around $0.51. On Friday, XRP fell below $0.50 for the first time since August.

The decline in XRP’s price mirrored a broader market downturn on Friday evening following a Wall Street Journal report that Tether (USDT) was under investigation for money laundering.

This news negatively impacted the entire crypto market, causing XRP to drop to a two-month low of $0.4935. However, after Tether’s CEO denied the report and asserted that there was no ongoing investigation, XRP rebounded to around $0.5150.

In other news, a recent analysis of XRP Ledger’s on-chain activity by CryptoQuant reveals that between September 15 and October 15, new wallet creations increased by 10.39%, adding 18,321 accounts.

However, total transactions fell by 17.57%, processing 18.82 million, and payment transactions dropped significantly by 26.16% to 6.81 million. This suggests that while more wallets are created, users make fewer transactions overall.

On a positive note, automated market maker (AMM) liquidity provision grew significantly. AMM deposit activity rose by 62.35%, and AMM creation surged by 143.10%. The total value in these AMM pools reached 27 million XRP, with approximately 14 million XRP currently locked across over 3,000 active pools.

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