The level of activity on the XRP Ledger has surged thanks to the drive of daily users and the increase in whale and shark wallet metrics. A series of proposals to improve the blockchain and a range of institutional partnerships are driving up the level of activity on XRPL.
XRP Ledger activity skyrocketed as whale wallets reached an all-time high
On-chain data from Santiment revealed that ecosystem activity is increasing on the XRP Ledger, driven by a combination of several factors. According to a post from Santiment, the number of unique addresses interacting daily surged to 295,000 on the seven-day chart.
The three-month average for daily active addresses on XRPL hovers around 35,000-40,000 daily. According to data, the daily active addresses recorded a sevenfold increase compared to the previous three-month average, signaling a surge in on-chain activity.
Data also shows a significant increase in the number of whale wallets on the blockchain. Currently, 2,708 wallets are holding at least 1 million XRP, setting a new record high for the ledger. While daily active addresses are on the rise, the increasing accumulation of whales indicates a growing strategic accumulation trend.
Santiment stated: “The XRP ledger is showing significant growth signs, both in terms of usage and the perspective of key stakeholders.”
Ripple's CEO, Brad Garlinghouse, predicts that XRPL will account for up to 14% of SWIFT's liquidity within five years. He pointed to the metrics showing explosive growth and the cross-border payment capabilities of the ecosystem.
Innovation and organizations are attracting attention
Prominent metrics surrounding the blockchain are closely related to institutions involved in the ecosystem. Ondo Finance is bringing tokenized U.S. securities to the XRP Ledger, while Circle's USDC has been operating on the blockchain.
A week ago, Guggenheim partnered with Ripple to launch digital commercial paper on the XRP Ledger. Legal expert Bill Morgan revealed that the XRP Ledger achieved a major win in its partnership with Guggenheim.
In addition to the noise from organizations, the ledger is preparing for new enhancements to improve performance. Recently, Ripple's Chief Technology Officer, David Schwartz, proposed upgrading the fees for the XRP Ledger, positioning it to compete with Ethereum.
Another reason behind the metrics of this ledger is the hype surrounding the possibility of XRP being approved by the U.S. Securities and Exchange Commission (SEC).