Over 22,000 new wallets created in one day

XRP regained its position as the third largest cryptocurrency by market capitalization this week after a major rally that reinvigorated investor interest.

The increase has not only increased XRP’s market cap, but also the growth of its network as seen with the growing number of wallets.

The growth of the XRP network is increasing

According to Santiment’s latest analysis, XRP has seen an impressive surge in network growth, with 22,357 new wallets created on Sunday alone, marking a remarkable milestone for the XRP Ledger. This rally highlighted strong crowd engagement and growing utility amid recent political changes, stablecoin approval rumors, and ETF interest that appears to have pushed its market cap higher than 154 billion dollars.

While the influx of retail activity may cause short-term price fluctuations, the long-term implications of this network expansion are promising for the adoption and sustainability of XRP.

XRP has attracted fresh gains of more than 10% in the past 24 hours that briefly pushed its price above $2.60, but experts predict that a new peak is unlikely to occur this year. In a statement to CryptoPotato, B2BINPAY CEO Arthur Azizov said:

“XRP was in an accumulation phase for almost three years, about 900 days. The length of this phase often determines the strength of the subsequent rally, so it is not surprising that from November 4, XRP is up around 404%. Whether it will be enough to propel XRP to a new all-time high is not yet known; an upgrade to its ATH could occur next year.”

Meanwhile, CryptoQuant CEO Ki Young Ju highlighted the critical role of Coinbase whales in driving XRP’s ongoing rally. Over the past 30 days, Coinbase’s minute price premium for XRP has ranged from 3% to 13%, highlighting significant buying activity by large investors on the platform.

This is in stark contrast to Upbit, a major Korean exchange known for its strong XRP trading volumes, which has not shown any significant premium during this surge. The disparity suggests that while Korean retail investors maintain steady interest, Coinbase’s institutional players are likely the main catalysts for XRP’s recent push, shaping its price trajectory in today’s market.

SHIB, BAND trails behind XRP in network growth

Several altcoins have followed XRP’s lead. For example, Shiba Inu (SHIB) and Band Protocol (BAND) saw notable network growth over the weekend. SHIB recorded 7,548 new wallets, while BAND saw 35 new wallets, a notable increase over their usual activity levels. These increases in portfolio creation reflect greater interest and participation in their respective ecosystems.

However, as with XRP, this network growth comes with potential volatility.

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