The XRP Ledger has experienced a notable surge in activity as Ripple continues to face off against the U.S. Securities and Exchange Commission (SEC). According to data from blockchain analytics firm Santiment, the number of active wallets on the XRP Ledger reached a three-month high. Over 35,799 unique wallets conducted at least one transfer in a single day, while 3,858 new wallets were created, marking the highest level of new wallet creation in over seven months.
Source: Santiment
The increase in activity suggests growing interest in the XRP Ledger from retail users and institutions. For instance, MetaMask, the most popular self-custody cryptocurrency wallet announced the support of the XRP Ledger on October 21. The announcement is viewed as one factor that perhaps led to the increase in wallet activities. With integration, more people in the broader crypto community can use MetaMask to engage with the XRP Ledger and any dApps built on top of it.
Also Read: Ripple Transfers 200 Million XRP to Unknown Wallet Ahead of SEC Appeal, What Does this Mean?
XRPL Snap Tool Enhances Usability
In addition to MetaMask’s support, a new tool called XRPL Snap has been introduced, further enhancing the user experience on the XRP Ledger. XRPL Snap connects MetaMask to the XRP Ledger, allowing users to manage their XRP holdings and interact more easily with dApps built on the blockchain. These enhancements will likely promote a higher level of interaction with the XRP Ledger in the foreseeable future.
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At the same time, Ripple continues its legal dispute with the SEC, which has filed appeals against Judge Analisa Torres of the Southern District of New York’s ruling that XRP public sale does not constitute security. Ripple’s Chief Legal Officer, Stuart Alderoty, pointed out that there is the choice of the decision being affirmed or it can be extended; hence, the result of the case remains unclear, however closely monitored it is.
Conclusion
As the legal battle continues, the XRP Ledger’s rising activity underscores the growing interest in the blockchain. With new tools and integrations enhancing user experience, the XRP Ledger is poised for further growth and adoption.
Also Read: Elon Musk Weighs in on Cryptocurrency, Sidesteps XRP Endorsement
Maxwell Mutuma
Maxwell is a crypto-economic analyst and Blockchain enthusiast, passionate about helping people understand the potential of decentralized technology. He writes extensively on topics such as blockchain, cryptocurrency, tokens, and more for top publications such as Coingape, Coin Edition, and The Coin Republic. His goal is to spread knowledge about this revolutionary technology and its implications for economic freedom and social good.