XRP Network Activity Skyrockets 655% Amid ETF Rally
XRP network activity has seen a significant surge of 655%, with daily active addresses on the XRP Ledger jumping from approximately 47,180 to over 356,000. This spike coincided with XRP recovering above $1.50, as broader altcoin momentum picked up.
The increase in XRP's price may be attributed to the rally of Bitwise's XRP ETF, which recorded its busiest trading stretch yet with over $200 million in volume. Cumulative XRP ETF net inflows have surpassed $1.55 billion, indicating a strong demand for the token in crypto and DeFi contexts.
Historically, a spike in network activity like this often signals a sharp rise in adoption and usage of the cryptocurrency. However, it's essential to note that a significant portion of this increase may be driven by ETF-related funding rather than onchain demand.