According to CryptoPotato, Ripple's native token, XRP, has seen a surge in on-chain metrics, with a record number of transactions and growth in XRP wallets. This has led to speculation about a potential price breakout for the cryptocurrency. On December 31, the number of executed XRP transactions reached an all-time high of almost 7 million, with 6.9 million transactions the following day. The average number of transactions per ledger has also reached unprecedented levels, staying above the 300 mark in the past three days.
The rapid rise in the number of XRP wallets is another factor contributing to the potential breakout. The number of wallets has jumped to almost 5 million, compared to approximately 4 million at the start of last year. This growth signals a larger user base and increased adoption of XRP, which could positively affect investor sentiment.
XRP's price has remained stable, hovering between $0.60 and $0.65. While cryptocurrencies are typically volatile, prolonged consolidation is often a precursor to a more significant move and an indicator of incoming price movements. The overall bullish sentiment in the crypto market, especially with Bitcoin's recent rise, might influence XRP's future price movements. The possible approval of a spot Bitcoin ETF in the United States has also contributed to the positive market sentiment. Bitcoin surpassed the $45K level on January 2 for the first time since April 2022, while the global crypto market capitalization reached $1.85 trillion.
