Recent data suggests a significant surge in activity for XRP, with daily active addresses (DAA) jumping over 1609% from June 9th to June 10th. This unprecedented increase marks the largest single-day DAA spike of the year and has led to a notable price increase. This growth aligns with Ripple’s recent partnership with Web3 Salon in Japan, which aims to accelerate blockchain innovation and is believed to be driving this momentum.
The surge in activity suggests that both individual investors and institutional players are increasingly engaging with the XRP network. Historical trends suggest these significant DAA increases often precede market shifts. A similar surge was observed between February and early March of 2023, leading to a short-term price rally for XRP. If this pattern repeats, XRP’s price could follow a similar trajectory to its remarkable performance in 2017.
The chart history indicates that the current trend closely resembles XRP’s past bull run, showing parallels with XRP’s 2017 and 2018 bull run. Prices reached an all-time high of $3.84 during this period before consolidating in 2016, then breaking out to $0.32. The second phase of the consolidation began around 2021 and 2022 but saw XRP break through at a substantial 580% rate after another consolidation.
Analysts suggest that if history repeats itself, we might see an imminent price surge for XRP. This is further bolstered by the significant DAA increase and the increasing interest of major investors.