On-chain data shows the total number of non-empty XRP addresses has set a new all-time high alongside a 5-week high in network activity.
XRP Total Amount Of Holders Is Sitting At A Fresh Record
As pointed out by on-chain analytics firm Santiment in a new post on X, XRP has set a new record in Total Amount Of Holders. This indicator measures, as its name suggests, the total number of addresses present on the network that are carrying a non-zero balance.
When the value of this metric rises, it can be a sign that investors are joining the network or old ones who had sold earlier are returning. The trend can also arise due to existing users creating fresh wallets for a purpose like privacy. In general, all of these factors can be assumed to simultaneously be at play whenever the Total Amount Of Holders goes up, so some net adoption of the asset could be considered to have occurred.
Now, here is the chart shared by Santiment that shows the trend in the XRP Total Amount Of Holders over the past month:
Looks like the value of the metric has steadily been heading up | Source: Santiment on X
As displayed in the above graph, the XRP Total Amount Of Holders has followed an uptrend in recent weeks, implying that the cryptocurrency has been getting a steady stream of new users. Today, the indicator is sitting at a value above 7.7 million, which is a new record for the blockchain.
The Total Amount Of Holders isn’t the only indicator that has seen a rise for XRP recently. As the analytics firm has highlighted in the same chart, the Daily Active Addresses has just witnessed a spike. This metric tracks the daily total number of addresses that are participating in some kind of transaction activity on the network.
While the Total Amount Of Holders measures the pure number of users that exist on the blockchain, the Daily Active Addresses provides an estimate for the amount of them who are active in their participation.
Following the latest spike in the Daily Active Addresses, 46,767 addresses are making transactions on the XRP network, which is the highest level in about five weeks. The elevation in activity has appeared alongside a price surge for the cryptocurrency.
Sharp price action tends to attract attention to the network, so it may not be a surprise that this rise in the Daily Active Addresses took place. Generally, price moves like this are sustainable so long as they can continue to invite engagement from investors, so it only remains to be seen whether the indicator will also be elevated in the coming days.
XRP Price
XRP briefly touched the $1.6 level during its latest rally, but the coin has since cooled back down to $1.5.
The trend in the price of the coin over the last five days | Source: XRPUSDT on TradingView
Featured image from Dall-E, chart from TradingView.com
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