The XRP Ledger has experienced a significant increase in adoption, as evidenced by the surge in unique active addresses.
XRP Ledger (XRPL) has experienced a substantial increase in active wallets, as data from the blockchain analytics platform Santiment indicates. Consequently, the surge increased the number of unique active addresses for XRPL to 35,799. This is the protocol’s most significant spike in the past three months.
Since March 14, XRPL has experienced a surge in the number of newly created wallets within a single day, in addition to the increase in unique wallet addresses.
The XRP Ledger Ecosystem has experienced a general increase
A few actors are responsible for most of the activities on XRPL, as indicated by on-chain data. In September, Artur Kirjakulov, the CEO of XPMarket, discovered that the XRP Ledger’s transactions comprise only ten wallets, accounting for 58% of the total. 15% of all transactions were attributed to a single wallet. Concurrently, he asserted that most of these wallets are not associated with Ripple Labs Inc.
Consequently, he recommended that the data not be employed to substantiate specific centralization arguments frequently raised against the blockchain payments firm. In the past 24 hours, the price of XRP has also experienced a rally, gaining 1.09% amidst these increases. The altcoin was trading at $0.5475 at the time of this writing. XRP continues to be the seventh-largest cryptocurrency in terms of market capitalization.
Although the current price level is marginally higher than its previous level, it is essential to acknowledge that the increase in active wallets has yet to result in a corresponding price action. Analysts and market observers anticipate that XRP will reach a price of $1 due to various events and upgrades.
The cause of the present upward trend remains unclear. Nevertheless, Ripple’s legal issues with the United States Securities and Exchange Commission (SEC) have kept XRP in the public eye for the past few months.
SEC vs. Ripple Update
The regulator has been contesting certain aspects of Judge Analisa Torres’s ruling in its case with Ripple for a few weeks since it filed an appeal.
It is essential to mention that the SEC’s appeal is centered on whether the district court erred in granting partial summary judgment in favor of Ripple Labs. The Commission is mainly concerned with the company’s XRP sales on exchanges.
The Commission submitted new documents for the case a few days ago. The SEC submitted a “Civil Appeal Pre-Argument Statement,” also known as Form C, to the Southern District of New York federal district court. This is intended to compel the court to reevaluate specific aspects of the previous judgment “de novo.”
In legal terms, the judge would reevaluate how the law was applied in the initial ruling rather than merely reviewing the outcome.
In contrast, Ripple is eager to guarantee that the SEC ultimately loses this conflict, which has persisted for nearly four years. The payments company has also submitted a cross-appeal to the Securities and Exchange Commission. It intends to comprehensively respond to the broader legal issues associated with the case in its Form C, which is anticipated to be released this week.
