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Ripple‘s XRP network is experiencing a significant revival, with the number of active wallet addresses rapidly approaching 200,000. Despite the recent price drop of XRP, this data indicating the resilience of the network’s foundation is quite valuable and paints a positive outlook.
XRP Price Trend
Ripple, the issuer of XRP, declared a massive partial victory against the U.S. Securities and Exchange Commission (SEC) in mid-July. The court ruled in favor of Ripple in the SEC’s case, stating that XRP is not a security. This decision triggered a significant rise in the price of the altcoin and excited investors, resulting in a substantial increase in interest towards XRP.
However, financial markets, especially the cryptocurrency market, are known for their high volatility. According to CoinMarketCap data, after the court decision, the price of the altcoin reached $0.85, but it has since been declining and dropped to $0.60 on August 7th. Following a strong rally in July, XRP has been moving in a downward trend for almost a month, despite the partial victory against the SEC, losing a significant portion of the growth it achieved. Although this downward trend is a concern for many investors, it has sparked constructive discussions and speculations about the future price trend of the altcoin.
The Rapid Increase in Active Wallet Addresses on the XRP Network
Despite the negative price trend, an important indicator for the XRP network, the number of active wallet addresses, is experiencing significant growth. Current data shows that the number of active wallet addresses on the XRP network is approaching 200,000. This growth on the network’s side indicates that the user base and transaction activity on the XRP network continue to remain strong, despite the recent price decline.
The growth in the number of active wallet addresses for XRP can be attributed to several factors. Firstly, the partial victory of Ripple in the SEC case has restored the confidence of the majority of existing XRP holders and attracted new participants to the network. The court ruling that XRP is not a security has legitimized the altcoin as a legitimate asset and served as an important indicator of its future growth potential.
Furthermore, despite a decline following the SEC decision, XRP has demonstrated its ability to rally, which is a reflection of its strong potential.
