XRP News Today: XRP Ledger Sees 743% Surge in Active Addresses Amid Legal Battle

The XRP ledger, the decentralized blockchain responsible for facilitating XRP transactions and other digital assets, has recorded a remarkable achievement over the past week. Leading stakeholders and users of the XRP ledger have been instrumental in driving this bullish trend. Notably, the number of daily active XRP wallet addresses has surged to unprecedented levels over the past three months, indicating a renewed interest among market participants. According to data from the on-chain analytical platform, the average number of interacting XRP addresses has been over 295,000 per day over the past week, a stark contrast to the normal daily average of approximately 35,000 to 40,000 over the past three months. This surge marks a 743% increase in active addresses recorded on the XRP ledger over the past week.

The data also reveals that the number of whales holding at least 1 million XRP tokens has reached a historic peak for the first time in over 12 years. Specifically, 2,708 unique wallet addresses are now holding at least 1 million XRP tokens, a development that underscores the growing confidence and investment in the XRP ecosystem. This bullish sentiment is particularly noteworthy given the ongoing legal battle between Ripple and the SEC, which has taken an unexpected turn. Both parties have filed a status report to the Second Circuit Court, requesting that the appeals be on hold until August 15th. Pro-crypto attorney Bill Morgan commented on this development, stating that the turn of events is not surprising, as the SEC was required to report to the court by June 16th and has requested an additional 60 days for the appeal to remain in abeyance.

Despite the legal uncertainties, XRP bulls have managed to maintain the asset's price above the $2 mark, although it has experienced mild losses of over 5% from the previous week. At the time of reporting, XRP is trading at $2.16. This resilience in the face of legal challenges and market volatility highlights the robust support and belief in the potential of XRP among its holders and stakeholders. The XRP ledger's growth, both in terms of usage and key stakeholder involvement, paints a bullish picture for the token, suggesting that the community remains optimistic about its future prospects.