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Recent data from XRPScan explorer reveals a noteworthy development on XRP Ledger, with a substantial 40% increase in new accounts registered within a single day, totaling 3,513 new users daily.
This surge marks the third such increase in the past three weeks, raising questions and interest within the community.
The uptick in user activity coincides with a period of price stability for XRP, the native token of the XRPL ecosystem. Despite the influx of new users, popular the cryptocurrency managed to maintain a crucial support level at $0.6 per token, a level it has held for more than 45 days.
This stability follows a period of growth exceeding 50% since mid-October, with a subsequent correction to the midway point.
One may interpret the current phase as a consolidation, a potential precursor to upward price movement. This interpretation aligns with traditional views on consolidation patterns and suggests possible future growth in XRP’s value.
In this case, the surge in new users could be considered a contributing factor, indicating a broadening and more engaged user base.
However, the unpredictable nature of the crypto market introduces the possibility of downward price movement for XRP, as seen in historical market trends. Regardless, the key observation is the consistent support level at $0.6 per XRP, providing a clear benchmark for investors.
As long as buyers continue to support quotes at this level, the future trajectory of the XRP price inspires cautious optimism.
Source: https://u.today/xrp-ledger-booms-with-40-spike-in-accounts-as-xrp-price-holds-crucial-level