XRP News Today: XRP Ledger Sees 750% Surge in Active Addresses Driven by Whales

The XRP Ledger has experienced a remarkable surge in on-chain activity, with a notable increase in the number of interacting addresses. Over the past week, the daily average of interacting addresses has exceeded 295,000, a significant jump from the 35,000 to 40,000 three-month average. This surge is largely driven by whales and sharks, wallets holding 1 million or more XRP, which have reached a record high of over 2,700. This milestone is the first of its kind in the 12-year history of XRP, indicating a strong confidence in the XRP Ledger from high-net-worth individuals.

The growing popularity of the XRP Ledger can be attributed to its advanced capabilities in tokenizing real-world assets. Recently, the ledger integrated decentralized finance (DeFi) functionality by adding automated market makers (AMMs) to its ecosystem. This enhancement has further bolstered the ledger's appeal and utility. Additionally, the XRP Ledger has achieved a significant milestone by burning close to 14 million XRP tokens, contributing to its increasing value and scarcity.

The heightened network usage of XRP is evident from the recent surge in daily active addresses, which have crossed the 100,000 mark. This increased activity suggests renewed buying interest and upward momentum for the cryptocurrency. The formation of higher lows above a short-term descending trendline indicates that XRP is poised for a breakout to the $2.42 to $2.45 zone. However, for this to materialize, XRP must hold critical support at $2.15. At the time of writing, XRP was hovering around the $2.11 zone, indicating a cautious approach from market participants. The bullish on-chain metrics, coupled with the increased network usage, could play a crucial role in driving XRP's value higher in the coming days.