The XRP Ledger (XRPL) emerged as one of the top performers in July, buoyed by significant on-chain activity.
The coin experienced a remarkable 35% monthly increase, driven by major whale transactions and robust network growth. Additionally, its social dominance has reached new heights, despite a mild retracement in its price.
đź“Š XRP Ledger, among one of the best performers in July, has been powered by high on-chain activity. Major whale transaction levels and network growth helped propel the coin's +35% month, and social dominance is now sky-high as the asset has mildly retraced. pic.twitter.com/QS2ZIr0ABz
— Santiment (@santimentfeed) August 1, 2024
From July 17-23, a total of 4,727 XRPL whale transactions exceeding $100,000 were recorded. This surge in large-scale transactions underscored the growing interest and confidence among major investors in the asset.
The following week, from July 24-30, saw the creation of 9,482 new XRPL wallets, indicating a substantial increase in user adoption and network expansion. This growth in wallet creation further signifies the rising popularity and acceptance of XRPL in the broader crypto community.
Social Engagement On XRP Discussion SpikesÂ
As of July 31, 2.59% of all tracked cryptocurrency discussions are related to XRP and XRPL. This surge in social engagement highlights the growing attention and interest in the asset.
Amidst these developments, speculations regarding a settlement between Ripple and the SEC have resurfaced, particularly with the unlocking of 500 million XRP today. This speculation comes at a time when the odds of a ruling in the remedies phase are heightened, adding to the anticipation and excitement surrounding XRP.
⚡️The @Ripple #SEC settlement speculations resurfaced with 500 million $XRP unlocked today ⚖️
This comes amid heightened odds of the remedies phase ruling đź‘€
đź””Follow @CoinGapeMedia for the #Latest #CryptoNews and #MarketUpdates https://t.co/ygn68Tibtq
— Crypto News (CoinGape) (@CoinGapeMedia) August 2, 2024
Overall, the XRP Ledger has demonstrated significant growth and resilience, fueled by increased on-chain activity, whale transactions, and network expansion. As the market awaits potential regulatory developments, XRP’s social dominance and community engagement continue to strengthen, positioning it as a prominent player in the crypto space.
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.
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Image Source: promesaartstudio/123RF // Image Effects by Colorcinch
