Recovering interest in Ripple (XRP)? Active addresses reach six-month high

XRP has recently seen a notable spike in blockchain activity, with a sharp increase in the number of active sending addresses, according to new data from CryptoQuant.

Despite a price drop of more than 10% over the past 30 days, the XRP network is showing an interesting development.

Resurgence of activity on the XRP network

CryptoQuant analyst “maartunn” reports that the number of daily active sending addresses on the XRP blockchain has now reached a six-month peak, with some 12,230 addresses transacting daily. This increase in activity may indicate renewed investor interest in XRP, as well as a broader resurgence within the crypto market.

The analyst argues that rising user numbers strengthen XRP’s value and appeal as a blockchain asset, which could be positive for its long-term value. According to him, active use of a blockchain is essential for sustainable growth, and an increase in transactions can indicate growing interest. Still, it remains uncertain whether this uptick in active addresses will be sustained.

Legal developments

The increase in active addresses comes at a time when XRP has had some major legal successes. Recently, a US court confirmed that XRP is not a security, marking a turning point in the long-running lawsuit between Ripple Labs and the US Securities and Exchange Commission (SEC).

Ripple, which has been involved in a legal battle with the SEC over the status of XRP for some time, gained more clarity about the regulations surrounding the altcoin.

In another recent move, Ripple Labs has filed an appeal with the US Court of Appeals for the Second Circuit, laying a legal foundation that could help avoid future conflicts with the SEC over the status of XRP.