XRP Network Activity Hits 2-Month High Amid Bearish Sentiment
XRP's network activity has seen a significant increase, reaching a two-month high of 49,929 active addresses within a 24-hour period on August 14. This surge in activity comes despite XRP trading below $1 and social commentary hitting a three-month bearish extreme.
Santiment noted that the negativity surrounding XRP has surged this week, with prices failing to rally. The firm stated, 'XRP negativity surged throughout this week as prices have failed to rally (so far). Crowd commentary is now at a 3-month bearish extreme across X, Reddit, Telegram, and other crypto channels.'
The increase in active addresses is not necessarily indicative of new user growth, but rather suggests greater use among existing users. Santiment's data shows that new addresses averaged around 2,260 per day, which is almost unchanged from July's 2,270.
Ripple has made significant investments in the XRP Ledger ecosystem, deploying over $550 million since 2017. However, it is unclear whether these initiatives are contributing to the current increase in network activity.