XRP, User Surge…Is it a Sign of Price Rebound?

▲ XRP (XRP) / ChatGPT generated image ©

The XRP (XRP, Ripple) network has attracted over 60,000 new addresses in a month, marking an all-time high in user expansion.

According to crypto media outlet Finbold on May 5 (local time), the XRP Ledger saw 67,186 new addresses added in the past 30 days, increasing the total number of addresses to 8,265,794. This represents a 0.82% increase from 8,198,608 a month ago, setting a new record for the number of network users.

This growth is attributed to increased adoption in Asia. Following Rakuten's integration of the XRP Ledger into its service with approximately 100 million members, SBI Ripple Asia has also begun utilizing the network for its token issuance infrastructure. Analysts suggest that the expanded use in actual financial services has led to a continuous influx of users.

The structural strengths of the network also played a role. The XRP Ledger, with its low fees and fast processing speed, can handle thousands of transactions in a short time, providing a favorable environment for attracting cross-border payment demand. Furthermore, it has demonstrated stability by maintaining over 63 million ledger records without interruption for more than 10 years.

The price also showed a moderate reaction. XRP has risen by 3.25% in the past 30 days, trading at around $1.41, with its market capitalization approaching approximately $86.9 billion. However, amid a prolonged downward trend, the possibility of a short-term drop below $1 is still being discussed.

The market suggests that increased network adoption could partially alleviate short-term bearish sentiment, but additional demand inflow is needed to completely reverse the price trend.

*Disclaimer: This article is for investment reference only, and we are not responsible for any investment losses based on it. The content should be interpreted for informational purposes only.*