XRP News Today: XRP Ledger Activity Surges 700% as Whale Wallets Hit Record High

XRP Ledger's on-chain activity has surged, with a significant increase in the number of interacting addresses. According to on-chain metrics provider, the average number of interacting addresses has exceeded 295,000 daily over the past week, far above the 35-40,000 three-month average. This surge is largely driven by whale and shark wallets, which hold 1 million or more XRP, reaching a record high of over 2,700 for the first time in XRP's 12-year history.

This milestone indicates a strong confidence in the XRP Ledger from high-net-worth individuals. The XRP Ledger has gained popularity due to its capability to tokenize real-world assets. Recently, the XRP Ledger integrated automated market makers (AMMs), adding decentralized finance (DeFi) functionality to its ecosystem. Additionally, the XRP Ledger has burned close to 14 million XRP tokens, marking a significant milestone.

XRP, the fourth-largest cryptocurrency, is currently forming higher lows above a short-term descending trendline, indicating renewed buying interest. For XRP to break out to the $2.42 to $2.45 zone, it needs to hold critical support at $2.15. At the time of this writing, XRP was hovering around the $2.11 zone, suggesting a wait-and-see approach from market participants.

Higher lows are crucial as they signify that buyers are entering the market earlier than before, making them an ideal indicator of upward momentum when coupled with higher highs. The recent surge in daily active XRP addresses, crossing the 100,000 mark, indicates heightened network usage. These bullish on-chain metrics could play a pivotal role in driving XRP's price momentum.