Coin Edition -
- Santiment, the blockchain intelligence firm, shared in a tweet today that the Ripple network recently recorded its second and third biggest address activity spikes.
- The spikes in address activity resulted in XRP decoupling 4% from the rest of the altcoin market.
- XRP was trading above $0.50 at press time following a 4.26% gain.
The blockchain intelligence firm Santiment shared in a tweet published earlier this morning that the Ripple (XRP) network experienced significant spikes in address activity recently. According to the post, the network saw its second and third biggest address activity spikes of all time in the past 2 days.
XRP address activity (Source: Santiment)
This surge in address activity also resulted in XRP’s price rising and decoupling around 4% from the rest of the altcoin market, which printed losses during this time. In addition to this, Santiment’s tweet showed that the network experienced an activity spike on 18 March of this year.
The spike in network activity on 18 March was subsequently followed by a +45% increase in XRP’s price over the following 10 days. Therefore, the blockchain intelligence firm predicted that XRP may further outperform the rest of the altcoin market if history repeats itself in the coming weeks.
At press time, the remittance token’s price stood just above the key $0.50 resistance level at $0.5008 according to CoinMarketCap. This is after the altcoin’s price printed a 4.26% gain over the past 24 hours. This recent increase in XRP’s price added to its already-positive weekly performance. As a result, the crypto’s weekly price performance stood at +8.15%.
In addition to strengthening against the dollar, XRP was also able to outperform the two crypto market leaders Bitcoin (BTC) and Ethereum (ETH) over the last 24 hours. As a result, XRP was up 4.87% against BTC and 4.25% against ETH. XRP was also trading closer to its 24-hour high of $0.5037 than its daily low of $0.4779.
Disclaimer: The views and opinions, as well as all the information shared in this price analysis, are published in good faith. Readers must do their own research and due diligence. Any action taken by the reader is strictly at their own risk. Coin Edition and its affiliates will not be held liable for any direct or indirect damage or loss.
The post Ripple Address Activity Spikes; Will There Be an XRP Price Surge? appeared first on Coin Edition.