The XRP Ledger has experienced a notable surge in active wallets, according to analytics platform Santiment. The number of unique wallets engaging in at least one transaction daily has climbed to 35,799, the highest level recorded in three months. Additionally, the XRP Ledger saw a significant milestone, with the largest number of newly created wallets in a single day since March 14.
🤯📈 XRP Ledger has spiked in active wallets significantly, reaching 35,799 unique wallets making at least one transfer in a single day, the highest in over 3 months. Additionally, 3,858 new wallets were created in a single day, the highest amount in over 7 months! pic.twitter.com/DcwTzh8NcE
— Santiment (@santimentfeed) October 20, 2024
Possible Factors Driving Increased Activity
While the exact reason for this spike in wallet activity remains unclear, the recent spotlight on the XRP cryptocurrency may play a role. Ripple’s ongoing legal battle with the SEC has garnered attention, especially after the SEC’s appeal in the case. Although this development has brought XRP back into the public eye, it has not yet resulted in a substantial price increase. XRP currently trades at $0.54, reflecting a modest 1.1% gain over the past 24 hours.
Disproportionate Activity from a Few Major Wallets
Despite the overall rise in wallet activity, a large portion of transactions on the XRP Ledger comes from just a few key players. Last month, Artur Kirjakulov, CEO of XPMarket, revealed that 10 wallets are responsible for 58% of all transactions on the network. In fact, one wallet alone accounts for 15% of the total activity.
Well, first two wallets are actually run by a person not related to Ripple. 🙂 We cannot really make centralisation argument based just on that data.
— Dr. Artur Kirjakulov (@Kirjakulov) September 19, 2024
Addressing Centralization Concerns
Kirjakulov emphasized that this data should not automatically fuel concerns about centralization in the XRP Ledger. Although a significant number of transactions stem from a small group of wallets, many of these wallets are not directly affiliated with Ripple. This suggests that network activity may be driven by independent entities, rather than being solely concentrated within the company.
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The surge in active wallets and newly created accounts on the XRP Ledger reflects growing interest in the network. However, the dominance of a few large wallets raises questions about the distribution of activity. Despite this, the network’s decentralization remains intact, as many major wallets operate independently of Ripple. XRP continues to attract attention, especially in light of its legal developments, but the network’s overall activity has yet to translate into a significant price surge.
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