Blockchain analytics platform Santiment has revealed that the XRP network recently witnessed two remarkable spikes in address activity, marking the highest levels ever recorded in its history. This development, which showcases a mild 4% deviation from other altcoins, suggests a potential upswing for XRP if it mirrors the trend observed during its notable activity surge on March 18.
Following the previous surge in address activity, XRP experienced notable price appreciation in the subsequent weeks. Presently, XRP stands at $0.502306, marking a 4.2% increase for the day and showcasing a robust 7.8% growth over the week. With this mild decoupling from the broader cryptocurrency market and the consecutive days of heightened address activity, indications point towards XRP gearing up for a more definitive breakout, as its behavior diverges from prevailing market trends.
Ripple CEO Hints at Potential Resolution to SEC Lawsuit
While major cryptocurrencies Bitcoin and Ethereum have exhibited stagnant or negative movements in the past week, Ripple and XRP have captured increased attention with their historical address activity spikes. Notably, this surge occurs amidst Ripple’s ongoing high-profile legal battle against the US Securities and Exchange Commission (SEC) concerning the classification of XRP as a security.
Ripple’s CEO, Brad Garlinghouse, has recently provided a glimmer of hope by suggesting that the ongoing SEC lawsuit could reach a resolution in a matter of weeks. This optimistic statement may have contributed to the surge in network activity observed. A potential resolution of the lawsuit holds the promise of a significant boost to XRP’s prospects, as it would eliminate regulatory uncertainties and potentially pave the way for increased adoption.
