On-chain observer Ali Martinez has highlighted the surge in XRP’s on-chain activity. In the past week alone, active XRP addresses rose 620%, from 74,589 to 462,650. The explosive increase suggests that interest in the cryptocurrency is rising with events in the market.
XRP Sees Surge in Active Addresses By 620%
The increase in activity comes with a significant accumulation of XRP by major investors. According to reports, Ripple whales bought almost 1 billion XRP. This buying spree came after the token saw significant price gains. However, the rally seems to have stalled, and now XRP’s price is retracing.
XRP’s Price Actions
Now, XRP is worth $2.49, having gained 5.34% in the past 24 hours. The total volume in the last 24 hours is $144.49 billion.
Although the price has been going up, trading volume has fallen to 26.50%, indicating that the market may be slowing down.
Trump Crypto Reserve Proposal Sparks Market Surge
Dispelling apathy in the market, former President of the United States Donald Trump recently announced intentions to create a U.S. Crypto Strategic Reserve. The reserve will be mainly composed of XRP, Solana, and Cardano as the core assets.
The sudden news led to a market surge, as these digital assets skyrocketed by anywhere from 10% to 35% in a matter of hours.
The news has sparked speculation around the adoption of government-backed crypto, though details of the plan are not yet clear. Market participants are holding their breath waiting to see who the winners will be and how it might affect the digital asset space.
Also Read: Cardano Founder Praises XRP, Justifies Its Place In Trump’s U.S. Reserves List
Ripple CTO Shares Thoughts on Meme Coins and XRP’s Impact
On a parallel note, Ripple’s Chief Technology Officer, David Schwartz, has provided valuable insights into the treatment of memecoins on the XRP Ledger (XRPL) in response to XRP price movements.
Many of these tokens are backed by AMM liquidity pools on X, Schwartz said in a post on the site. These AMM liquidity pools have a static exchange rate to XRP. That means their prices are linked to movements of XRP’s dollar value.
One meme coin that stands out on the XRPL is XRP ARMY, which boasts a market cap of $26.1 million, with a liquidity pool of $2.09 million attached. The rising popularity of meme coins on the XRPL reflects the increasing use cases of Ripple’s blockchain.
Ripple vs SEC: Settlement Fatigue Sets In
Ripple and the U.S. SEC legal battle is still one of the biggest stories in the crypto world. Speculation about a possible resolution has only intensified in recent weeks due to the SEC’s actions.
The regulator’s more flexible approach in various crypto-related lawsuits has led many investors to believe the Ripple case could soon be resolved. That would remove a lot of uncertainty for XRP and may lead to wider adoption and institutional investment.
In terms of asset behavior, XRP remains a leader in crypto, having seen steadily increasing adoption, facing regulatory challenges, and attracting significant investor interest.
Despite a slowdown in its recent rally, higher on-chain engagement and a developing market can pave the way for the next big price movement. Regulatory choices and data that might impact XRP’s future will certainly capture investors’ attention.
Also Read: Ripple’s Chris Larsen Moves $109M in $XRP After $112M Hack, Current Holdings Stand At $7.18B