XRP Witnessing Crazy Bullish Crowd Sentiment As On-Chain Activity Hits 4-Month High
The XRP ecosystem continues to paint a bullish picture, given that XRP Ledger (XRPL) addresses are skyrocketing, signaling heightened interaction.
Leading on-chain metrics provider Santiment acknowledged, “XRP Ledger is seeing a substantial amount of both new addresses created and total addresses interacting on the network. Both are at their highest levels since March.”
The XRP Ledger’s address activity hit a four-month high, showing soaring confidence since XRPL is Ripple’s open-source consensus ledger, with XRP being the native token.
XRPL is a distributed ledger whose integrity is governed through the Ripple Consensus Protocol Algorithm (RCPA).
Therefore, the increase in XRPL’s addresses signals intensified trading activity amid XRP whales going on a rampage in anticipation of the final judgment pertaining to the case between Ripple and the United States Securities and Exchange Commission (SEC).
What’s In Store for XRP?
As XRP continues to hover around the psychological threshold of $0.6, the altcoin is enjoying bullish momentum, gaining 27.3% in the past two weeks, according to CoinGecko data.
The launch of a stablecoin and settlement developments might instigate this trend. Ripple is in high gear to roll out RLUSD, a U.S. dollar-based stablecoin.
The XRP/BTC chart also supports XRP’s bullish run. According to technical analyst Charting Guy, the crypto is gearing up for a major rally because it’s following a trajectory similar to that of 2017.
XRP is also witnessing a crazy bullish crowd sentiment, but caution should not be thrown to the wind since the next price trajectory might be influenced by the trajectory that the Ripple vs SEC settlement takes.
