Data Shows Ripple Facing Bears Better Than Others As XRP Unique Wallets Exceed 200k Sine Feb 2020

XRP Bucks The Downtrend As Unique Wallet Activity Spikes.

Santiment Data Shows Ripple Holding Up Better Than Other Altcoins As XRP unique addresses are growing.

In a tweet on Thursday, Santiment revealed that the activities of unique wallets on the XRP network had received a significant boost to record highs even as it pointed out that the token was holding its own despite the general market slide.

According to Santiment data, active unique addresses on the network had exceeded 200,000 for the first time since early 2020.

“XRP is holding up better than most altcoins on a Thursday crypto slide day. A couple of days ago, the XRPNetwork exploded with unique addresses interacting on the network, exceeding 200k for the first time since February 2020. This is worth watching,” said the analytics firm in the tweet.

? $XRP is holding up better than most #altcoins on a Thursday #crypto slide day. A couple days ago, the #XRPNetwork exploded with unique addresses interacting on the network, exceeding 200k for the first time since February, 2020. This is worth watching. https://t.co/WNqWhyZjh3 pic.twitter.com/c3nA7YyDn3

— Santiment (@santimentfeed) June 30, 2022

It is worth noting that on Thursday, Bitcoin, the leading digital asset by market cap, again plunged below the closely watched $20k price support. Consequently, the slide, which pushed the price as low as $18,729, led to a major price drop in major altcoins. 

However, XRP appeared to uncharacteristically buck the trend. The digital asset remained largely unaffected, opening the day at the $0.329 price point and closing at the $0.3314 price point, a 0.7% rise which is quite impressive considering the overall crypto market performance on the day.

Notably, the XRP price and growth performance have been hard hit since Ripple Labs became embroiled in a court case with the US SEC in 2020. As a result, the cryptocurrency, once the 3rd largest by market cap, is now ranked 8th by CoinMarketCap.

However, the fundamentals surrounding the asset have become increasingly positive. For one, as the nearly 2-year-long legal battle drags on, speculators are becoming increasingly convinced that the XRP creators will land a huge victory over the US SEC.

Additionally, Ripple has hinted at expanding soon with several mergers and acquisitions (M&A) lined up despite the crypto winter as it boasts a strong balance sheet. Furthermore, the firm has consistently built products geared towards utility within this period to ensure its long-staying power in the turbulent crypto world.

In May, Santiment data had shown that whales were accumulating the token at a record pace holding over 6% of its total supply. CoinShares data 2 weeks ago also showed that institutions were increasingly allocating capital to the token. With such strong fundamentals, a win for Ripple over the SEC could see it launch a meteoric rise.

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