Activity on the $XRP Ledger has reached its highest value in over two years after the number of unique addresses interacting with the network exceeded 200,000 for the first time since February 2020.
According to data from on-chain analytics firm Santiment, the increase in the number of active addresses on the network represents a 685% rise compared to the previous day, when less than 30,000 addresses interacted with the XRP Ledger.
😮 $XRP is holding up better than most #altcoins on a Thursday #crypto slide day. A couple days ago, the #XRPNetwork exploded with unique addresses interacting on the network, exceeding 200k for the first time since February, 2020. This is worth watching. https://t.co/WNqWhyZjh3 pic.twitter.com/c3nA7YyDn3
— Santiment (@santimentfeed) June 30, 2022
After that explosion in activity, the number of unique active addresses on the network slowly moved down but has seen sudden activity bursts where over 50,000 active addresses move to interact with the network.
Explosion on the XRP network is being seen even as the cryptocurrency’s price keeps on sliding. Year-to-date, the cryptocurrency has lost around 63% of its value, while over the past quarter it lost little over 25%, barely underperforming BTC – which has had its worst quarter in over a decade – and outperforming ETH, which had its first quarter since launch.
XRPUSDT Chart via TradingView
The cryptocurrency’s activity also exploded at a time in which the account of Ripple co-founder Jed McCaleb on the XRP Ledger, known as the “-tacostand” account, is expected to be empty in a month as the co-founders XRP token sales have been ongoing, but tokens being released are starting to dry up.
As CryptoGlobe reported, year-to-date McCaleb has sold over 500 million XRP tokens on the market. McCaleb is said to have started working on Ripple back in 2011, and was part of its founding team when the firm launched in 2013. While he left it in 2014 to work on Stellar (XLM), he was awarded 8 billion XRP tokens for his role in developing and founding OpenCoin, which was later rebranded to Ripple.
The entrepreneur receives the funds on a fixed schedule and has made it clear via XRP Talk, a forum for XRP investors and proponents, that he plans on selling the funds he receives. Since then, he has been periodically selling XRP.