Summary
- Cointelegraph, citing Santiment data, reported that more than 4,300 new wallets for XRP were created in a single day.
- XRP's daily active addresses rose from 32,000 to 43,520, and Santiment said network growth is a key signal in determining whether a trend reversal is under way.
- Despite about $107.3 million in net inflows into spot XRP exchange-traded funds (ETFs), XRP traded around $1.36, up just 0.06%% from a day earlier.
Forecast Trend Report by Period
More than 4,300 new addresses were created on the XRP Ledger in a single day, even as the token's price remained rangebound.
Cointelegraph reported on May 22, citing Santiment data, that more than 4,300 new XRP wallets were created on May 20 alone.
Daily active addresses also increased over the same period, rising to 43,520 from 32,000. Santiment said the XRP network is going through one of its strongest growth periods this year. It added that network growth is one of the key signals used to determine whether a trend reversal is taking shape.
The increase in XRP network activity has been linked to stronger institutional demand. Spot XRP exchange-traded funds listed in the US have recorded about $107.3 million in net inflows so far this month.
Despite those network metrics, XRP has yet to post a meaningful rebound. As of 9:20 p.m., XRP was trading at $1.36, up 0.06% from a day earlier, according to CoinMarketCap.
Uk Jin
wook9629@bloomingbit.ioH3LLO, World! I am Uk Jin.
