Santiment reveals a new record: unique addresses interacting across Ripple’s network (XRP) surpassed 247,000 in just 4 hours, something not seen since February 2020.
Santiment and the 247k unique active addresses on the Ripple Network
Santiment‘s metrics app has revealed a new record reached on the Ripple Network: in just 4 hours it appears there were 247k unique active addresses on the network.
😮 #XRPNetwork has just hit a huge milestone. The amount of unique addresses currently interacting on the network has exceeded 247k in just a 4-hour window. This is the highest spike recorded since February, 2020. New $XRP addresses created remains steady. https://t.co/cCrVMu5WDA pic.twitter.com/C5m472oWy3
— Santiment (@santimentfeed) July 26, 2022
“#XRPNetwork has just hit a huge milestone. The amount of unique addresses currently interacting on the network has exceeded 247k in just a 4-hour window. This is the highest spike recorded since February, 2020. New $XRP addresses created remains steady”.
Santiment explains that such a high peak has not been seen since February 2020, more than two years ago! Yet, the increase in unique active addresses on the XRP network has not caused the creation of new addresses to change, which appears to have remained constant.
The likely reasons for the increase in unique active addresses on the Ripple Network
Ripple (XRP), the crypto for cross-border transfers, announced yesterday its new partnership with Singapore-based payments institution FOMO Pay.
It is likely that this spike of 247,000 unique active addresses in just four hours may be somehow related to the new partner that will use Ripple’s On-Demand Liquidity (ODL) service to improve its cross-border treasury flows.
In practice, through the partnership, FOMO Pay will be able to gain 24/7, year-round access to liquidity for EUR and USD instead of waiting the classic 1-2 days for funds to reach the destination accounts.
This is possible through the use of XRP, which would bridge between 2 fiat currencies, thus enabling instant and low-cost settlement without the need to hold pre-funded capital in a target market.
The price of XRP
The seventh crypto by market cap, Ripple (XRP), at the time of writing is worth $0.33, still down 10% from $0.38 seven days ago.
It is a trend shared by major cryptocurrencies such as Bitcoin (BTC), Ethereum (ETH) and Cardano (ADA).
Despite the price swings, XRP is one of the most widely used crypto assets with a total market cap of more than $16 billion and total crypto market dominance of 1.66%.