XRPScan, a major XRP Ledger (XRPL) explorer, has revealed that the number of active addresses has reached a new all-time high (ATH). This comes amid the downtrend in the XRP price, which has dropped below the psychological $3 level.
XRP Ledger Hits New ATH In Active Addresses Amid Price Struggles
In an X post, XRPScan revealed that the number of accounts currently active on the XRP Ledger has crossed the 7 million mark, representing a new ATH. The platform explained that this refers to accounts that have maintained a minimum balance of 1 XRP. XRPL validator Vet suggested that a more appropriate term would be “activated accounts” instead of active accounts.
However, XRPScan questioned whether activated accounts may imply excluding accounts. The platform added that the total number of accounts ever activated is approximately 7.7 million. Meanwhile, in a separate X post, Vet applauded the XRP Ledger’s growth and described it as just the beginning. He added that on-chain is the new online.
Santiment data provides insights into the number of daily active addresses on the XRP Ledger, which refers to users who are actively using the network rather than just accounts. On September 21, there were 38,471 daily active addresses on the network. The daily active addresses on the network have ranged around this level for a while now and well below the highs recorded in June. Back then, the daily active addresses reached as high as 581,080 on June 14.
Meanwhile, the XRP Ledger’s adoption has also been on a downtrend. Further data from Santiment shows that the network growth has drastically dropped from a high recorded on July 18, when 11,058 new addresses were added. However, at the moment, the number of new addresses is trending just below 5,000.
XRP Price On The Decline Amid Crypto Market Downtrend
The new ATH in activated addresses for the XRP Ledger comes as the XRP price declines as part of a crypto market downtrend. The altcoin has dropped below the psychological $3 level and has further lost key support levels in the $2.90 range. Crypto analyst Egrag Crypto stated that the 50 EMA looks on track to meet XRP at around $2.77.
The analyst further remarked that if the XRP price breaks through this target, it could lead to further downside for the altcoin. He added that $2.65 remains the most critical zone of the upcoming bull run for the altcoin. In line with this, Egrag Crypto declared that while the lower time frames are worth monitoring closely, the higher time frame trends remain crystal clear.
At the time of writing, the XRP price is trading at around $2.88, down over 4% in the last 24 hours, according to data from CoinMarketCap.
Related Posts
