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XRP network activity hits record-breaking levels; Mega rally ahead?

XRP network activity hits record-breaking levels; Mega rally ahead?

Amid the majority of the cryptocurrency market seen recuperating post-Memorial Day weekend, XRP has continued with price gains as bulls are winning over the bears at $0.50. At the same time, the XRP network has been recording massive spikes in address activity and mild decoupling from the rest of the altcoins.

Indeed, the XRP network has had its second and third-largest address activity spikes in history over the past several days, indicating that a major bullish rally could be in sights for the price of the XRP token, according to the information shared by the blockchain analytics firm Santiment on May 30.

Specifically, on May 27, around 490,000 addresses were interacting on the network in what was the second-largest address activity day in the chain’s history, followed by another day huge spike on May 28, just two and a half months after its largest-ever address activity spike preceded a +45% price surge.

XRP network and price activity. Source: Santiment

As the analytics platform’s team explained, “a mild +4% decoupling has emerged between XRP and the altcoin pack, and if history repeats itself from the March 18th activity spike, it could be more.” 

XRP price analysis

Meanwhile, XRP was at press time changing hands at the price of $0.5025, demonstrating a 4.62% increase in the last 24 hours, as well as advancing 8.70% across the previous seven days, adding up to the 5.61% gain on its monthly chart.

XRP price chart. Source: Finbold

Earlier, a legal expert and prominent commenter on the lawsuit between the United States Securities and Exchange Commission (SEC) and blockchain company Ripple, John E. Deaton, expressed his surprise at investors overlooking the chance to buy XRP at an (at the time) low price of $0.48, as Finbold reported on May 29.

Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.

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