The XRP Ledger blockchain recently experienced its biggest day of network growth since July, according to statistics from the cryptocurrency analytics platform Santiment, as a result of a rise in the price of its native token Ripple (XRP).
According to the data, 2,273 new wallet addresses were created today on the Layer 1 blockchain network. A 5% increase in the price of XRP back over $0.52 coincided with this increase in open source network users. For the rest of the crypto market, the price action was a slight decoupling, according to Santiment.
The latest Unique Node List (UNL) upgrade of XRPL has also contributed to the network growth. As a result of the upgrade, only two (or 5.8%) of the 35 nodes validating transactions on the public network are under the control of Ripple, the tech company that created the blockchain.
The upgrade also included a new validator entity, xSPECTER, as part of the blockchain’s vision to promote decentralisation. The XRPL Foundation stated that the validator had proven to be active & reliable.
Explosive surge in XRP expected on Ripple vs SEC cases resolution
While the token has outperformed the crypto market in recent days, XRP supporters anticipate a parabolic price increase once the ongoing SEC case against Ripple is resolved.
The SEC filed the case in 2020, alleging that XRP was a security and that all sales of the token by Ripple were unregistered securities offerings. In the most recent development in the case, Ripple objected to the SEC’s motion to prevent two third-party firms — I-Remit & TapJets — granted amicus curiae status by the court from filing new briefs in the case.