Since July, the XRP Ledger blockchain has recently seen its most important day of network growth. This is supported by data from the Santiment bitcoin analytics platform. The increase follows a rise in the price of Ripple, the cryptocurrency’s primary unit (XRP).
The Creation Of 2,273 New Wallets and A 5% Increase in XRP’s Price
The Layer 1 blockchain network has witnessed the creation of 2,273 new wallet addresses today by users. The information from the Santiment bitcoin analytics platform revealed the results. The amount of freshly minted wallets indicates a surge in users of the open-source network.
The surge coincided with an increase in XRP’s price of 5%, pushing it beyond $0.52. According to Santiment, the price change represented a moderate decoupling from the rest of the crypto market.
The network has grown as a result of other reasons. The most recent upgrade shows this to XRPL’s Unique Node List (UNL). There are now just two nodes on the public network that are validating transactions. The decline is equal to 5.8% of the whole amount.
Ripple, the technology company that created the blockchain, is in charge of managing XRP. The upgrade also included a brand-new validator entity called xSPECTER. This was carried out in line with the blockchain’s goal of promoting decentralization. The validator has displayed that it is both trustworthy and active, according to the XRPL Foundation.
After The Ripple Vs. Sec Lawsuit Is Resolved, XRP Will Likely Skyrocket
Supporters of XRP foresee a sharp increase in the currency’s price. Supporters anticipate this rise once the protracted SEC litigation against Ripple is resolved. This is even though the token has recently outperformed the cryptocurrency market
SEC took legal action against the company in 2020. The SEC’s claim that XRP was security served as the impetus for it. Additionally, according to the SEC, all of Ripple’s coin sales were unregistered securities offers.
Ripple disagreed with the SEC’s request to stop two outside businesses. I-Remit and TapJets are these businesses. The court has granted the contested corporation’s amicus curiae status, preventing them from adding new documents to the case. The most current development, in this case, is this.
Ripple is a decentralized network for the transmission of funds. The development of the network aims to meet the requirements of the banking and finance sector. XRP is the native cryptocurrency of the Ripple network. Its market capitalization regularly places it in the top 10 of all cryptocurrencies.
The network serves as a credible middleman between the two parties to a transaction. This is due to how quickly the network can confirm that a transaction has been completed. Using Ripple can make it easier to exchange for a variety of fiat and digital currencies. Ripple allows individuals to enable such exchanges, using Bitcoin as just one example.