Coin World reports:
The number of new addresses for Ripple has reached a historic high, creating nearly 4,150 new addresses on October 20, the highest level since March.
Despite the surge in new active addresses, the price of XRP remains stable, with limited response to the positive on-chain trend.
Analysis
Ripple [XRP]
Address data shows a surge in new addresses over the past few days. Additionally, daily active addresses have increased, indicating strong on-chain activity. However, the price has yet to respond to these positive on-chain trends.
Ripple’s surge in new addresses
According to Santiment, the number of new addresses for Ripple increased, reaching 1,672 new addresses on October 17. The growth has not stopped there.
As of October 19, the number of new addresses surged to over 3,000, marking the highest number of wallet creations since March.
This upward trend continues, as Ripple set a new record on October 20 by creating nearly 4,150 new addresses in a single day.
This rapid growth highlights the increasing interest in Ripple, as more wallets are being created, indicating high user participation in the network.
More Ripple addresses becoming active addresses
In addition to the growth in new addresses, the number of daily active addresses on the Ripple network has also seen a significant increase. On October 19, the daily active addresses surged to 36,000, the highest number since July.
Although this number dropped to around 23,000 the following day, it still remains the third-highest number of active addresses this month.
The increase in daily active addresses suggests that many newly created addresses are becoming active, potentially participating in transactions and other network activities. The increase in on-chain activity reflects the growing interest and participation of Ripple users.
XRP has yet to respond to the positive signals on-chain
Despite the strong on-chain signals, the price of Ripple’s XRP has not responded significantly to the recent surge in new addresses and active addresses. The daily chart shows that XRP has not experienced significant price movements in the past few days.
However, XRP continues to trade above the 200-day moving average (blue line), which provides strong support around $0.50.
On the other hand, the 50-day moving average (yellow line) continues to act as resistance at roughly the same price level. At the time of writing, Ripple’s trading price is around $0.55, showing a slight upward trend.
Regardless, the relative strength index (RSI) for XRP against BTC’s market capitalization suggests that while XRP is still in a bearish trend, the downward momentum is weakening, indicating that the market may be preparing for a shift.
Despite the current price stability, the surge in new addresses and active addresses indicates increasing activity, which may soon impact Ripple’s price.
