Wednesday, June 19, 2024
HomeCryptocurrencyXRP Address Activity Soars to New Levels as It Achieves First Break...

XRP Address Activity Soars to New Levels as It Achieves First Break Away in 9 Months 

In the latest development as reported by Santiment, a well-known crypto behavior analytics platform, two new spikes in XRP address activity within a two-day interval are the second and third largest spikes in the history of the digital currency.

It is worth noting that the spikes became possible after XRP decoupled from the rest of the altcoin market, posting outstanding profits. Notably, the last time a similar activity happened, XRP witnessed a remarkable solo run that brought about a 45% price rise.

Read Also: XRP Price Prediction as Garlinghouse Says Ripple May Leave U.S. Amid Uncertain Regulation

Santiment wrote, “XRP Network has now had its 2nd & 3rd largest address activity spikes of all time these past 2 days. A mild +4% decoupling has emerged between XRP & the altcoin pack, and if history repeats itself from the March 18th activity spike, it could be more”

Analysing XRP’s Data Chart

Based on the chart’s reading, about 490.35K XRP addresses interacted with the network on May 28; this spike was the second largest in XRP, and it came two months after XRP recorded its first enormous surge of about 871.98K addresses in March.

Note that the spike observed in March culminated in a 45% increase in XRP price a few days later, staging a solo run that was different from the rest of the market. The single run became noticeable on March 21, as the token skyrocketed by 11%.

Furthermore, the chart pointed out another spike estimated to be about 281.72K daily active addresses on May 29. The recorded surge on May 29 became the third-largest surge of all time.

Read Also: Ripple CTO David Schwartz Shares Thought On Ongoing XRP Burn Debate – Details

Is Another Massive Surge Imminent For XRP? 

We look forward to XRP’s detachment from the rest of the market, following these notable spikes. Considering the bearish market, what is the possibility of another XRP uncoupling that will result in a massive solo rally for XRP? According to Santiment, an uncoupling appears imminent as the cross-border asset is presently on the verge of a mild +4% decoupling from the broader altcoin market.

Also, the past few hours saw XRP witness 4.46% in profits, making the coin the best performer among the top 30 crypto assets, trading in green territories when others are encountering a series of losses.

In addition, XRP hit its typical $0.50 price for the first time in one month. The $0.50 market worth became possible after XRP printed successive winning candles for five days, during which it registered a remarkable 8.8% gain since March 25.

In another development, a notable chartist Blockchain Backer also noticed a similar trend, which indicates that the token is on the verge of decoupling from the rest of the crypto market. Backer noted this is the first breakaway in 9 months.

Was Backer Suggesting A “Front Running?”

Nevertheless, Backer hinted at the importance of carrying the rest of the crypto market along should a bull run by XRP be sustained. “It’s practically mathematically impossible,” Backer maintained.


The chartist further said, I’m not implying XRP is front-running. I’m saying it’s a strange dynamic at play.”

Front running is a phenomenon in the crypto space that describes how investors place trades based on insider information about an upcoming event, which will guarantee profits on the actualization of the event based on a new price pattern.

Follow us on Twitter, Facebook, Telegram, and Google News

Chinedu Agbakwusi
Chinedu Agbakwusi
Chinedu Agbakwusi is a medical student at the prestigious Nnamdi Azikiwe University with sound knowledge of the crypto space. I am here to be a reliable plug for well-researched crypto content ranging from crypto news to market analyses and blockchain inventions.

Latest News & Articles