XRP Ledger Witnesses 2-Year High Network Activity

Activity on the XRP Ledger has reached its highest value in over two years after the number of unique addresses interacting with the network exceeded 200,000 for the first time since February 2020.

XRP Ledger with network exceeding 200,000

The surge in active addresses on the network is a 685% increase over the previous day, when fewer than 30,000 addresses interacted with the XRP Ledger, according to data from on-chain analytics company Santiment.

Following that surge in activity, the number of distinct active addresses on the network gradually decreased, although there have been sporadic bursts of activity where more than 50,000 active addresses have moved to engage with the network.

Even as the price of the cryptocurrency continues to decline, there has been an explosion on the XRP network. Over the past quarter, XRP lost just over 25% of its value, slightly trailing BTC, which had its worst quarter in over a decade, and outpacing ETH, which had its first quarter since launch. Year to date, XRP has lost over 63% of its value.

The XRP Ledger account belonging to Ripple co-founder Jed McCaleb, also known as the “-tacostand” account, is anticipated to be empty in a month as the co-founders’ ongoing XRP token sales are beginning to run out of tokens being released. This coincides with the sudden increase in cryptocurrency activity.

According to a report from CryptoGlobe, McCaleb has sold more than 500 million XRP coins on the market so far this year. According to reports, McCaleb began working on Ripple in 2011 and was a member of the company’s founding team when it launched in 2013. He was given 8 billion XRP tokens for his work in creating and starting OpenCoin, which was eventually renamed Ripple, even though he left it in 2014 to focus on Stellar (XLM).

The businessman has made it obvious on XRP Talk, a forum for XRP supporters and investors, that he intends to sell the monies he receives, and he receives them on a predetermined schedule. He has since then occasionally sold XRP.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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