A notable trend on XRP Ledger has been seen, according to recent statistics from XRPScan Explorer. There has been a significant 40% rise in new accounts created in a single day, amounting to 3,513 new users every day.
The community is becoming curious and asking concerns as this spike is the third such increase in the last three weeks.
The surge in user activity is accompanied by a time when the price of XRP, the native token of the XRPL ecosystem, is stable. In spite of the surge in new users, the well-liked cryptocurrency was able to hold onto a critical support level of $0.6 per token for almost 45 days.
After growing by more than 50% since the middle of October, there was a pullback to the halfway mark before this stabilisation.
The current stage might be seen as a consolidation and a possible sign that prices could rise. This analysis predicts that XRP’s value may increase in the future and is consistent with conventional theories about consolidation trends.
The spike in new users in this instance may be viewed as a contributing element, suggesting a growing and more active user base.
However, given the unpredictability of the cryptocurrency industry, previous market patterns indicate that XRP’s price may drop. Whatever the case, the important finding is that XRP consistently maintains a support level of $0.6, offering investors a distinct benchmark.
Buyer support at this price point will keep the price of XRP moving in a direction that encourages cautious optimism.
