The XRP Ledger has experienced a notable surge in activity as Ripple continues to face off against the U.S. Securities and Exchange Commission (SEC). According to data from blockchain analytics firm Santiment, the number of active wallets on the XRP Ledger reached a three-month high. Over 35,799 unique wallets conducted at least one transfer in a single day, while 3,858 new wallets were created, marking the highest level of new wallet creation in over seven months.
The increase in activity suggests growing interest in the XRP Ledger from retail users and institutions. For instance, MetaMask, the most popular self-custody cryptocurrency wallet announced the support of the XRP Ledger on October 21. The announcement is viewed as one factor that perhaps led to the increase in wallet activities. With integration, more people in the broader crypto community can use MetaMask to engage with the XRP Ledger and any dApps built on top of it.
XRPL Snap Tool Enhances Usability
In addition to MetaMask’s support, a new tool called XRPL Snap has been introduced, further enhancing the user experience on the XRP Ledger. XRPL Snap connects MetaMask to the XRP Ledger, allowing users to manage their XRP holdings and interact more easily with dApps built on the blockchain. These enhancements will likely promote a higher level of interaction with the XRP Ledger in the foreseeable future.
At the same time, Ripple continues its legal dispute with the SEC, which has filed appeals against Judge Analisa Torres of the Southern District of New York’s ruling that XRP public sale does not constitute security. Ripple’s Chief Legal Officer, Stuart Alderoty, pointed out that there is the choice of the decision being affirmed or it can be extended; hence, the result of the case remains unclear, however closely monitored it is.
Final Thoughts
The recent surge in activity on the XRP Ledger, with over 35,799 active wallets and a significant increase in new wallet creation, underscores the growing interest in XRP from both retail users and institutions.
This uptick coincides with MetaMask’s support for the XRP Ledger, enhancing accessibility and integration for users, while tools like XRPL Snap improve the overall user experience. Despite Ripple’s ongoing legal battle with the SEC, this rise in engagement highlights the resilience of the XRP ecosystem and suggests a promising outlook for its adoption and utility, irrespective of legal uncertainties.
Article Source: 36crypto
