The number of new wallets added on XRP Ledger has hit an 8-month high, coinciding with the price rebound of yesterday. This suggests new investors signing up to own XRP, a sign that the price could potentially rise higher.
Key Takeaways:
- XRP Ledger saw the highest number of new wallets created in eight months.
- This suggests new investors buying up XRP, and is a good indicator of confidence in the token which already saw a nice 24-hour bounce.
- Such an influx of new wallets could be pointing to higher price movements in the near future.
According to data from Santiment, at least 21,595 new XRP wallets have been added to the XRP Ledger in the last 48 hours.
This addition is coming around the time that XRP bounced from the huge market correction with a nice 12% daily gain, but there could be more going on.
Investors Gaining Confidence in XRP
A massive number of new wallets like the one added to the XRP Ledger in the last 48 hours indicates that new investors are becoming interested in the token.
With new wallets, the chances of investors buying up some more XRP also increases significantly, which leads to significant growth.
According to Santiment, such a feat puts the network on the path to the highest network growth since January.
With such fundamentals, it is not surprising that XRP gained 12% in the last 24 hours as the market rebounded from its correction led by Bitcoin.
Higher Price Movements Could be on the Horizon
New wallets being added to a crypto network is a major indicator of investor confidence and with such confidence lies the potential for upward price moves.
Although XRP has already responded with an attractive gain, new price gains may be on the way, especially if new investors keep creating new wallets.
Long-term fans of the token already believe that it could hit $10,000 in the near future, and it is growth like this that can lead to that.
More Must-Reads:
- Bitcoin is Doomed Unless it Closes Above this Key Level this Week
- Head-and-Shoulders Pattern Spells Trouble for PEPE Bulls
- Solana ETFs Beat Bitcoin and Ethereum With 7 Straight Days of Inflows
What do you think?
Join Techgaged on Telegram
Get first-access to daily trending tech stories, AI breakthroughs, and more, before it hits your feed.
