As reported by one of the most popular cryptocurrency market analysis platforms, the XRP network has reached another milestone in its activity. The number of active unique addresses in a window of 4 hours has exceeded 247,000. This is the first such instance since February 2020.
Analytics platform Santiment published a very interesting announcement via Twitter. It reads as follows:
“XRP Network has just reached a huge milestone. The number of unique addresses now interacting with the network has exceeded 247,000 in just four hours. This is the highest growth recorded since February 2020. New XRP addresses created remain steady.”
It is worth noting that this announcement seems highly unexpected. As we know, there is currently a cryptocurrency winter, which causes demand for crypto assets to be relatively low. Uncertainty is heightened in the face of steadily rising interest rates, and with the specter of recession. So what could be driving the XRP network to move so sharply?
Singapore partnerships and strong fundamentals
One potential reason why XRP is bolting to new records could be a recent partnership with a Singaporean payments giant. We’re talking about FOMO Pay, which Ripple enables to make instant treasury settlements using Ripple’s on-demand liquidity (ODL), using XRP as a bridge between currencies.
Another aspect being on XRP’s side are its on-chain foundations. Here, analysts report, they are as strong as they were before the legal wrangling with the US Securities and Exchange Commission began. Many in the community expect a win for the token issuer. They are echoed by Ripple CEO Brad Garlinghouse, indicating that all arguments are on their side.
A victory in this case has the right not only to free XRP from unnecessary speculation, but also to bring the token back into trading on leading exchanges. Under such circumstances demand has the right to surge.
XRP from the technical side
At the time of writing this text, XRP is trading around $0.35. Looking historically, this is a support zone. Meanwhile, the RSI is showing a clear bearish divergence, which could result in further pushing the asset’s value to lower levels. This is confirmed by the MACD. Possible declines could result in a valuation as low as $0.20-0.25. Increases, on the other hand, represent a chance to regain levels near $0.50.