XRP Active Addresses Hits 6-Month Peak—Could A Market Shift Be Coming?

XRP has recently witnessed a surge in blockchain activity, marked by a significant rise in the number of active sending addresses, according to latest data.

This increase in active addresses comes amid the asset’s continuous struggle to register any significant rally in price. Instead, the altcoin has steadily decline now down by over 10% in its 30-day performance.

XRP Active Addresses Hits 6-Month Peak

According to a CryptoQuant analyst known as “maartunn,” the daily active sending addresses on XRP’s blockchain have reached a six-month high, with roughly 12,230 number of addresses transacting daily.

maartunn highlighted that this resurgence in active addresses indicates a potential return of investor interest in XRP and possibly in the broader cryptocurrency market. Additionally, the increase in activity is seen as a positive development for the XRP blockchain.

The CryptoQuant analyst suggested that rising user participation not only boosts XRP’s value as a blockchain asset but also enhances its appeal to investors.

XRP: Active Sending Addresses reaches a 6-month high

“The number of Active Sending Addresses on XRP reaches 12,230 on a daily basis… The increase signals that activity is returning to the XRP Blockchain.” – By @JA_Maartun

Link https://t.co/8ejsxFt5wO pic.twitter.com/VnYPrHXjJb

— CryptoQuant.com (@cryptoquant_com) October 25, 2024

The analyst also noted that active usage of a blockchain is essential for its long-term viability, adding that an uptick in transaction activity typically reflects increasing interest.

However, despite all these positivity the increase in active addresses indicates, the CryptoQuant analyst cautioned that it remains to be seen whether this recent momentum in active addresses can be maintained.

Against The Backdrop Of Legal Developments

The surge in active sending addresses comes at a time when the altcoin is seeing some notable developments in its ongoing legal battles. Recently, XRP scored a significant legal victory when a court filing confirmed that XRP is not considered a security.

This ruling marked a major turning point in the long-standing legal dispute between Ripple Labs and the United States Securities and Exchange Commission (SEC).

For years, Ripple has been embroiled in a case with the SEC, which argued that XRP should be classified as a security and therefore be subject to specific regulatory requirements. The recent decision has provided a new level of clarity for the altcoin, boosting confidence in the asset among market participants.

In another recent legal development, Ripple Labs filed a Form C in the United States Court of Appeals for the Second Circuit. The filing challenges a recent SEC ruling, aiming to establish a legal foundation that could prevent future regulatory conflicts over XRP’s classification.

Today, Ripple filed a Form C – listing the issues we plan to raise on our cross appeal. A few things to keep in mind as we move forward:

The case is not about whether XRP, in and of itself, is a security. XRP is uniquely situated as having clarity (alongside BTC) in not being… https://t.co/AmFocAnbPx

— Stuart Alderoty (@s_alderoty) October 25, 2024

Featured image created with DALL-E, Chart from TradingView

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