Could This Rising XRP Ledger (XRPL) Metric Lead To A Ripple Price Rally?

TL;DR

Important indicators related to XRP rose significantly of late, hinting at growing adoption. However, the price of XRP is lagging behind the other leading cryptocurrencies possibly due to recent developments in the Ripple vs. SEC case. XRP activity increases

The XRP Ledger (XRPL), an open-source, decentralized blockchain that serves as the underlying technology for Ripple’s native cryptocurrency, XRP, has recently witnessed a substantial resurgence.

According to Santiment, a few days ago there were 35,799 unique active wallets – the highest number seen in more than three months. Additionally, 3,858 wallets were created in a single day, a number last seen in March this year.

A deeper look at xrpscan shows that other important metrics have also increased recently. Examples are XRP payments from one account to another, executed transactions, and more.

The growing number of active wallets indicates greater adoption and utility of the XRP Ledger. This could be interpreted as a bullish factor suggesting growing trust in the network, leading to more investors and a new flow of capital into the ecosystem.

Although Ripple’s token price is in the green today (October 21), it still lags behind the gains recorded by other leading cryptocurrencies in recent days. It is currently nearing $0.56, representing a 3.2% increase on a weekly basis.

XRP Price, Source: CoinGecko

Bitcoin (BTC), on the other hand, is up 6% over the same period, briefly reaching nearly $69,500. Ethereum (ETH) and Solana (SOL) are up 7% and 9%, respectively, while Dogecoin (DOGE) has exploded nearly 30%.

Uncertainty caused by the ongoing Ripple v. SEC case

A potential factor that may affect XRP disruptions to experience more substantial gains is the prolonged lawsuit between Ripple and the US Securities and Exchange Commission (SEC).

As CryptoPotato reported last week, the agency formally appealed parts of Judge Analisa Torres’ 2023 ruling, which determined that the company’s sales of its XRP token to retail investors on crypto exchanges did not violate the US securities laws. However, he did not struggle with the status of the asset as unsafe.

Earlier this summer, Judge Torres ordered Ripple to pay a $125 million fine for breaking certain rules. The firm agreed to the terms, and many believed that would mark the end of the case, which has been ongoing for nearly four years. However, the latest action by the SEC means that the lawsuit is entering a new phase with its official resolution not in sight.

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