XRP Network Explosion: Historic On-Chain Spike Like Never Before

Crypto analyst and investor Xaif recently shared a detailed on-chain analysis highlighting a significant surge in the number of active receiving addresses on the XRP Ledger.

According to the data, the network has experienced an extraordinary increase from 42,000 to over 600,000 active receiving addresses. Xaif describes this as a historic on-chain spike that has never been observed before in the history of the XRP Ledger.

Xaif characterized this event as an “XRP network explosion,” indicating a substantial shift in network usage and activity. The chart accompanying the tweet, sourced from CryptoQuant, visually demonstrates the sharp and sudden growth in receiving accounts.

This spike, coupled with volatility in the 7-day simple moving average (SMA) of receiving addresses, reflects the rapid fluctuation in activity over a short period.

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Market Price Movement Amid the Surge

Despite the massive increase in network activity, XRP’s price response has been relatively muted. According to the latest data from CoinMarketCap cited in the tweet, XRP is currently trading at $2.21. This represents a 1.44% increase in the past 24 hours and a 9.87% rise over the past week.

The price movement, while positive, does not appear to correlate directly with the scale of the on-chain activity spike. The CryptoQuant chart further illustrates that while the number of active receiving addresses experienced extreme growth, the XRP price remained within a narrow trading range and did not exhibit a breakout move matching the magnitude of the address growth.

Community Reactions Raise Critical Observations

The dramatic increase in active receiving wallets has led to varied interpretations within the crypto community. X user ghostpacket.IOAT expressed skepticism regarding the nature of this growth.

The CryptoQuant chart provided supports the assertion that the magnitude of the spike is abnormal compared to previous network activity patterns. At its peak, the number of receiving accounts surpassed 600,000, contrasting sharply with the baseline of around 42,000 before the spike. This level of activity is unprecedented for the XRP Ledger within the timeframe displayed.

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