Blockchain Analytics Firm Santiment Highlights XRP Ledger's Network Growth
Blockchain analytics firm Santiment highlighted the strong network growth of the XRP Ledger (CRYPTO: XRP) on Monday, even as the price remained around $1.25.
Binance Hack May Have Boosted XRP Network Activity
Santiment reported that XRP recorded 7,934 new wallets on November 1st, marking the sixth-highest daily total of the year, despite being considered a quieter day for network activity. They attribute this to the recent $6.3 billion Binance hack, suggesting it "may have pushed more users toward self-custody and fresh wallets."
The analytics firm noted that "strong network growth while XRP trades near $1.25 indicates usage is improving, even while the price remains under pressure."
Key Levels to Watch Out for
Santiment also analyzed price levels, stating that XRP reclaiming $1.30 would be the first sign of "stronger price momentum." Conversely, they warned that a drop below $1.20 combined with declining network growth would "weaken the signal."
Will Blockchain Adoption Continue to Rise?
Market attention is focused on technical conditions. Leading cryptocurrency analyst Ali Martinez observed that XRP's Bollinger Bands on the four-hour chart have narrowed to their tightest levels since August, signaling potential volatility expansion. However, he clarified that this does not predict the direction of the next move.
Positive developments within the Ripple ecosystem could significantly impact XRP's price. Last week, Ripple announced that the Office of the Comptroller of the Currency had issued final approval for a federally supervised trust bank, enabling support for its RLUSD (CRYPTO: RLUSD) stablecoin and digital-asset custody services for enterprises. CEO Brad Garlinghouse aims to shift 1%-3% of transaction activity on-chain by next year, potentially boosting blockchain adoption.
Price Action: As of this writing, XRP is down 0.20% in the last 24 hours, trading at $1.25, according to Benzinga Pro.
Disclaimer: This content was partially produced with AI tools and reviewed by Benzinga editors.
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