- XRP Ledger recorded over 11,000 new wallets on July 17, matching the day of a major 14.6% price spike.
- Despite a recent drop triggered by South Korean selling, XRP has rebounded to $3.26 with buying support near $3.20.
- Strong wallet activity and altcoin market recovery support XRP’s attempt to regain its recent all-time high of $3.64.
The XRP Ledger network continues to show solid activity, recording an average of 7,500 newly created wallets daily, according to data from Santiment. This consistent growth underlines sustained interest in the XRP ecosystem despite recent market challenges.
On July 17, the network hit a recent peak with over 11,000 new wallets in a single day. That same day, XRP recorded a 14.6% price increase. The following day, the token climbed to a new all-time high of $3.64, driven by heightened demand and network expansion.
Sell-Off Pressure Causes Sudden Price Reversal
However, XRP’s momentum reversed sharply on Wednesday. The token faced a double-digit decline, largely due to significant selling pressure originating from Upbit, South Korea’s largest crypto exchange. The intense sell-off resulted in a temporary price dip below the $3 threshold.
Despite the drop, XRP saw moderate recovery and peaked at $3.26 on Bitstamp. Analysts note potential support forming around the $3.20 level as buyers began to step in. The token now trades close to the top of the current candle range, signaling a possible stabilization.
XRP is not the only coin that rakes in the results. Other main cryptocurrencies gained as well. Ethereum had gained 4 percent towards the value of $3, 800 and Bitcoin was close to reaching the value of 120K. This indicates that the recovery of XRP is not the network-specific case but a larger action among altcoins as an entire market.
Although the rise is a relief, the players in the market are trying to see whether the turnaround will stick or evaporate. Further expansion of wallets indicates the sustained activity in the XRP Ledger, which may indicate price stability in the future.
