XRP Network Sees Massive Surge in Daily Active Addresses
In the last 24 hours, XRP has witnessed an astonishing 1609% increase in daily active addresses, leaping from roughly 32,000 on June 9 to 547,000 on June 10. This surge represents the largest single-day jump in network usage recorded this year. Simultaneously, XRP’s price has experienced a 4.59% increase over the past two days, trading at $2.28.
XRP Network’s Historic Activity Spike
Daily active addresses (DAA) measure the unique wallets interacting with or transacting on the XRP Ledger within a 24-hour period. This considerable jump reflects a significant rise in interest from both individual investors and institutional players. Additionally, the spike potentially indicates a capital influx into the altcoin.
Recent developments such as Ripple’s partnership with Japan-based Web3 Salon, aimed at fostering blockchain growth and innovation, are believed to play a role in this movement. Historically, such large increases in DAA have often been a precursor to shifts in market perception. A similar rise in DAA between late February and early March led to a short-term XRP rally.
Potential For Repeating 2017’s Price Phenomenon
XRP’s price chart shows striking similarities to past trends. The altcoin’s current performance parallels the extraordinary bull run of 2017-2018, which saw prices reach an all-time high (ATH) of $3.84. The initial phase of the 2017 rally began in 2014, progressed through consolidation in 2016, and saw prices break out to $0.32, eventually soaring to the 161.8% Fibonacci level at $3.91 following a second consolidation.
Observers suggest XRP might be repeating this pattern. The first phase is deemed complete with lower peaks between 2021 and 2022, while a 580% breakout in late 2024 marked the end of initial consolidation. Currently, XRP is in a second consolidation phase. If history repeats itself, the next bull phase could see prices reach the 161.8% Fib level of $8.82, potentially setting a new record. This immense potential, combined with substantial DAA growth and major investors’ accumulation trends, strengthens expectations of an impending market shift.
