Ripple (XRP) showcases its potential as network activity hit historic highs

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Written on May 30, 2023

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Ripple has been making headlines recently, attracting market attention.
The XRP ledger registered 490K 24hr active addresses – the 2nd-highest ever attained.
The alt has broken past the crucial obstacle of $0.50.

The Ripple (XRP) ledger recorded the 2nd-largest user activity this week. The project saw its daily active addresses climbing to 490,350 from 18,090 between 26 May and 29 May.

That represents a remarkable 2,600% increase in 24-hour user activity. The DAA (Daily Active Addresses) index measures the count of new wallets interacting with a network per day.

????️Breaking????️$XRP Network Experiences Historic Address Activity Over Two Consecutive Days.#Ripple's CEO Brad Garlinghouse recently hinted that the case could be resolved within weeks, offering a positive outlook that might have spurred some of the increased network activity.

— The Sheep Of Wool Street (@TheSheepOf98236) May 30, 2023

Santiment data shows Ripple maintained persistent surges in this metric. That translates to surged network demand. Consequently, this has catalyzed upward momentum in the asset’s price over the past few days.

19 March 2023 was the last time Ripple recorded similar network activity upticks. XRP reacted with notable price increments, soaring over 42% within ten days.

Meantime, Ripple showcased its potential as it maintained the current network activity level for three successive days. In that context, bullish enthusiasts can expect more price upswings in the coming sessions or weeks.

The weighted sentiment still pessimistic

Despite the latest user activity surge and around 20% price surge within the past 20 days, the social perception of the Ripple project remains negative. The weighted sentiment, which measures positive and negative mentions, shows most stakeholders are currently pessimistic about Ripple-issued tokens.

Nonetheless, FOMO might kick in if the platform retains the high network activity level. That will likely renew Ripple’s upward momentum, translating to impressive upticks.

XRP price forecast

Ripple price has maintained uptrends since rebounding from $0.42 latest low on 11 May. On 30 May, the altcoin surpassed the crucial resistance mark at $0.05. XRP has hovered beneath this hurdle since 19 April. That comes as the crypto sees increased optimism.

Exciting news in the world of Ripple! The XRP price has surged by 5% in just 24 hours, reaching $0.502702. Speculation is growing that Ripple will come out victorious in its court case against the SEC, leading many to predict that XRP will soar to $1 in the near future. Mean… pic.twitter.com/oXecagf5D5

— Altcoins Insider (@AltcoinsInsider) May 30, 2023

Nonetheless, the upward wave accelerated after Ripple’s network activity soared by over 2,600% on 27 May.

XRP traded at $0.51 at press time, following a 4.9% uptick over the past day (Invezz.com data). Meanwhile, the crypto community remains bullish on the altcoin. Enthusiasts can expect to surge toward the $0.60 mark before the awaited journey to $1.

Buyers should overcome the sell-wall at $0.51 to welcome impressive upward moves. Upcoming cryptocurrency news remains crucial to determine Ripple’s next price direction.