- Ripple’s active sending addresses recently hit a six-month high, with more than 12,230 addresses actively involved in transactions.
- XRP fell by more than 5% in the last trading session, despite the increase in the number of shipping addresses.
Ripple [XRP] has recently seen a surge in network activity, with active shipping addresses reaching a six-month high. This increase suggests increased user engagement within the network.
Typically, increased blockchain activity correlates with growing interest in a project, raising questions about how this aligns with XRP’s weighted sentiment and price movement.
Sending addresses peak at six months
Data from CryptoQuant revealed that the number of active shipping addresses on Ripple rose to 12,230, the highest level in the past six months.
This spike signals a renewed interest in XRP transactions, possibly from both users and developers.
Source: CryptoQuant
An increase in the number of active shipping addresses often indicates broader network adoption, which can be a catalyst for further market activity.
While this spike could mean growing interest, it remains to be seen whether this momentum will last. It will also be interesting to note whether it is a temporary revival related to a recent development in the ecosystem.
Ripple sentiment remains mixed despite the activity
Despite the increase in network activity, Ripple’s weighted sentiment has yet to show a clear positive or negative trend.
Sentiment analysis indicates a mixed trend, which fluctuates with market conditions and does not remain in a single trend.
Weighted sentiment measures market confidence, and current sentiment shows that investors remain somewhat cautious about XRP’s short-term prospects.
Source: Santiment
This sentiment could mean that while network activity is high, investors are waiting for additional indicators of continued growth before making significant moves.
XRP shows modest gains
The price of XRP has seen moderate gains and is currently trading around $0.5123 – up 2.11% on the day.
Technically, at the time of writing, XRP was still trading below the 50-day moving average of $0.5569, next to the 200-day moving average of $0.5375. The trend overall indicated bearish sentiment.
Source: TradingView
However, the increase in network activity, combined with these modest price gains, signals a possible shift in market sentiment.
Realistic or not, here is the XRP market cap in terms of BTC
With the Average True Range (ATR) at 0.0216, XRP’s recent price movements have shown low volatility, reflecting stability.
Should network activity remain high and sentiment improve, XRP could be well positioned for further gains. This move could signal a broader shift in the market.
