Activity on the $XRP Ledger has hit its highest value in over two years when the number of unique addresses engaging with the network crossed 200,000 for the first time since February 2020.
This increase in the number of active addresses on the network indicates a 685 % rise compared with the previous day, when less than 30,000 addresses engaged with the XRP Ledger, as indicated by data from the on-chain analytics firm Santiment.
😮 $XRP is holding up better than most #altcoins on a Thursday #crypto slide day. A couple 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. https://t.co/WNqWhyZjh3 pic.twitter.com/c3nA7YyDn3
— Santiment (@santimentfeed) June 30, 2022
Following that massive surge in activity, the network’s number of different active addresses gradually decreased. However, the network has experienced abrupt bursts in which more than 50,000 active addresses suddenly shift to engage with the network.
Performance of XRP in relation to BTC and ETH
Even though the price of the coin continues to go down, the XRP network is experiencing explosive growth. The value of crypto has reduced by approximately 63 % so far this year. In contrast, in the past three months, it has reduced by a little more than 25 %. It is just barely behind BTC, which has had its worst quarter in over a decade and outperforming ETH, which had its worst first quarter since its launch.
Ripple co-founder Jed McCaleb’s account on the XRP Ledger, which is referred to as the “-tacostand” account, is expected to be empty in one month. This is because the XRP token sales that the co-founders have been conducting are still going on. However, the number of tokens that are being released is beginning to reduce. The surge in cryptocurrency activity occurred when the account was selling.
More about XRP and its founder
Ripple is a network for remittances, currency exchange, and real-time gross settlement. Since the beginning of the year, McCaleb has sold more than 500 million XRP coins on the market. It is believed that McCaleb began working on Ripple as early as 2011 and that he was a member of the firm’s founding team when it first began operations in 2013.
Although he departed the company in 2014 to work on Stellar (XLM), he was given 8 billion XRP tokens as a reward for his participation in the development and foundation of OpenCoin. It was later rebranded as Ripple. Although he left the company, he continued to work on Stellar (XLM) after receiving the award.
McCaleb was paid according to a predetermined schedule. He has announced through XRP Talk, a platform for investors and advocates of XRP, that he intends to sell all the XRP once he had received it. Since that time, he has occasionally engaged in the sale of XRP.