XRP prices have continuously rebounded from the bottom level of $0.30 throughout June. The prices have again reached near the bottom and witnessing interest from retail investors, as well as, whales. On-chain data reveals that the number of unique daily active addresses on the XRP network are rising.
XRP Price Awaits Strong Upside Momentum
Ripple users believe XRP is the best product when it comes to global payments as it is faster, cheaper, more scalable, and more sustainable than other digital assets.
According to on-chain analytics firm Santiment, the number of unique daily active addresses have jumped over 200k in June end, reaching the highest level in the last two and half years. An increase of nearly 700% was seen on June 26. On the next day, the active addresses decreased to 50,000. By the end of June, the average number of unique daily addresses on the XRP Network was 45,000. It shows an increasing interest among investors.
XRP Daily Active Addresses. Source: Santiment
“XRP is holding up better than most altcoins on a Thursday crypto slide day. A couple of days ago, the XRPNetwork exploded with unique addresses interacting on the network, exceeding 200k for the first time since February 2020. This is worth watching.“
XRP has performed better than most other altcoins in the last week. The strength in the price was also due to Ripple’s expansion in Canada and New Zealand. Moreover, the announcement of the CBDC Innovative challenge that makes programmers create applications capable of running on the XRP Ledger and supporting retail CBDC.
Furthermore, Coinglass data indicates an upcoming price rally in XRP. In the last 24 hours, when ETH, SOL, DOGE, SOL, ADA, and MATIC saw massive liquidations, XRP recorded just $1 million in liquidations. Moreover, long positions have started to rise again across all major exchanges, except FTX.
Status of SEC v. Ripple Lawsuit
The pending court ruling on the SEC motion to shield William Hinman’s 2018 speech-related documents under attorney-client privilege remains critical. On June 27, defendants Brad Garlinghouse and Chris Larsen filed an opposition letter in response to the SEC’s proposed redactions.
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