XRP Ledger sees a significant uptick in active addresses, hitting 35,799 unique wallets.
The XRP Ledger has experienced a notable surge in active addresses, signaling growing adoption within its ecosystem.
Data from top analytics firm Santiment showed that the number of unique active addresses on the XRP Ledger (XRPL) recently surged to 35,799, the largest spike in the past three months. This increase comes as the Ripple community anticipates new developments in Ripple’s ongoing legal battle with the US Securities and Exchange Commission (SEC).
Additionally, XRPL has seen a rise in newly created wallets, the largest since March 14, indicating continued interest and expansion in its ecosystem. Nevertheless, the cryptocurrency’s price has only seen a modest uptick (a 0.2% gain in the past 24 hours) and currently trades at $0.5448.
Are there Centralization Concerns?
An interesting aspect of the surge in active wallets is that a small group of wallets is responsible for the majority of transactions on the network. Artur Kirjakulov, CEO of XPMarket, revealed that ten wallets accounted for 58% of all XRPL transactions in September.
One wallet alone was responsible for 15% of the total. Kirjakulov emphasized that these wallets are not linked to Ripple Labs, challenging the notion that Ripple holds too much control over the XRPL network.
Despite these figures, the debate surrounding the centralization of the XRP Ledger continues. However, Kirjakulov’s findings suggest that most transactions are driven by independent actors, which could quell some concerns about Ripple’s dominance over the network.
The Ripple-SEC Legal Battle Continues
The ongoing legal dispute between Ripple Labs and the SEC continues to loom over the XRP ecosystem. Recently, the SEC filed an appeal to challenge Judge Analisa Torres’s ruling that favored Ripple in some aspects of the case.
The SEC focuses on the sales of Ripple’s native coin on exchanges and whether they should be classified as securities. The appeal process involves a “de novo” review, meaning the judge will reassess how the law was applied in the original ruling rather than merely reviewing the outcome.
This legal battle, which has been ongoing for nearly four years, has drawn significant attention from both the crypto community and regulatory bodies. In response, Ripple will file its cross-appeal to address broader legal questions related to the case.
Ripple’s legal team is determined to resolve these issues comprehensively and will submit a key filing this week.
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