XRP Network Activity Hits 2-Month Highs Amid Price Spike to $1.54

Data from Santiment confirms that the recent XRP price recovery resulted in a major rise in network activity on the XRPL.

XRP recently joined the broader crypto market recovery, climbing to a weekly high of $1.5487 before meeting resistance and falling back below $1.5. While the rally has slowed, new data shows that the price increase came alongside a jump in activity on the XRP Ledger (XRPL).

Key Points

• XRP’s price rose above $1.54 before pulling back below the $1.5 level amid broader market recovery.
• Santiment reported 48,453 active XRPL addresses, the highest daily figure since March 30.
• XRPL network growth reached 3,317 new wallets, its strongest reading since March 19.
• Activated accounts have now climbed to 7,856,080, moving closer to the 8 million milestone.

XRP Price Rally Leads to Increased Network Activity

Market analytics platform Santiment reported that the recent XRP rally pushed network activity to its highest level in nearly two months. According to the firm, XRP’s move above $1.54 for the first time in two months helped drive a strong increase in on-chain activity across the XRPL.

Santiment revealed that active addresses on the network reached 48,453 within a 24-hour period, the highest level since March 30. Also, network growth rose to 3,317, marking its strongest reading since March 19.

The analytics firm explained that much of the increase likely came from investor excitement surrounding XRP’s latest price move. 

Despite this, Santiment noted that higher transaction activity remains an important sign for both medium- and long-term price growth. According to the platform, wider adoption across a blockchain network usually justifies higher valuations.

Network Growth Trends

Data from Santiment’s chart shows that new wallet creation on the XRPL stayed relatively low for most of May. Before the latest surge, the metric only saw a gradual increase from late April into the beginning of the month.

This trend later weakened, with newly created wallets dropping to the low 2,200 range on May 10. However, the metric recovered the following day and has continued moving higher. This recovery eventually pushed network growth to the latest figure of 3,317 new wallets.

Following the recent rise in wallet creation, activated accounts on the XRP Ledger have now climbed to 7,856,080. With the current pace, the network is now moving closer to the major milestone of 8 million wallets.

Meanwhile, unlike wallet growth, active address activity did not follow a steady trend during this period. Santiment’s chart shows that the metric continued to move between daily highs and lows without a clear direction.

XRPL Onchain Data

Separate blockchain data from XRPScan also confirmed the recent increase in XRPL activity. According to XRPScan, the “number of active users (source tag + destination tag)” metric moved above 184,000 on May 15.

This figure marked the second-highest reading recorded since the beginning of April. For context, the network uses this metric to estimate daily active users by tracking unique addresses involved in transactions that include Source Tags or Destination Tags.

The data also shows a rise in failed transaction attempts across the network. Specifically, XRPScan reported that transactions returning the “tecNO_PERMISSION” error climbed to 1,332 on May 19, the highest level since March 31. This error appears when a sender lacks permission to complete an operation.

Also, transactions producing the “tecINSUFFICIENT_FUNDS” error rose to 656 on May 19, marking the highest reading since April 19. This error occurs when the sender does not hold enough of the required asset to complete the transaction.