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XRP

XRP Adoption Strong: 7,500 Addresses Joining Every Day

Keshav Verma
by Keshav Verma
1 month ago
·
Posted in XRP
Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure

On-chain data shows the XRP network has been observing significant daily address creation recently, a sign that adoption of the asset is occurring.

XRP Network Growth Has Registered A Rise Recently

According to data from the on-chain analytics firm Santiment, XRP has seen its Network Growth maintain at relatively high levels recently. The “Network Growth” here refers to a metric that keeps track of the daily total number of addresses that are coming online on the network for the first time.

Related Reading: Bitcoin OG From 2011 Wakes Up, Cashes In On A 322,000x Gain

A wallet is said to be ‘online’ when it participates in some kind of transaction activity on the blockchain, whether as a receiver or sender. Thus, the addresses coming online for the first time would correspond to the wallets that are making their very first transfer.

There can be a number of reasons behind an uptick in address generation. New investors joining the network and old ones who had sold earlier coming back both lead to a rise in the Network Growth. Similarly, existing users creating multiple wallets for a purpose like privacy can also contribute to the trend.

In general, all of these can be assumed to be simultaneously at play whenever the Network Growth spikes. In other words, some net adoption of the asset can be considered to have occurred.

Now, here is a chart that shows the trend in the Network Growth for XRP over the last few months:

Image

The value of the metric appears to have been declined since its earlier peak | Source: Santiment on X

As displayed in the above graph, the XRP Network Growth saw a huge spike earlier in the month as the cryptocurrency’s rally took place. At the peak of this address creation spike on July 17th, 11,058 new addresses made their first transactions.

Related Reading: WazirX Users One Step Closer To Crypto Funds: Revote Begins July 30

Since then, the metric has cooled off a bit, but it’s still maintaining at a value of around 7,500 addresses every day, which is significantly higher than the average for the last few months.

Generally, adoption is constructive for any cryptocurrency network as a wider userbase can mean a more solid foundation for price moves to grow on, but its effects may only be visible in the long term. It now remains to be seen how long the current high Network Growth values would continue and what role they will play in future price action.

XRP Has Plunged During The Past Day

While on-chain data may be showing a strong trend of adoption, the asset has witnessed a 7% crash over the last 24 hours as its price has come down to the $3.02 level.

Below is a chart that shows how XRP’s recent performance has looked.

XRP Price Chart

The price of the coin appears to have lost some of its recent gains | Source: XRPUSDT on TradingView

As a consequence of the bearish price action, XRP has seen liquidations of around $24.4 million in the derivatives market, according to data from CoinGlass.

XRP Liquidations

The heatmap for the liquidations in the cryptocurrency sector over the past day | Source: CoinGlass
Featured image from Dall-E, Santiment.net, chart from TradingView.com
Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.
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Keshav Verma

Keshav Verma

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Keshav is a Physics graduate who has been employed as a writer with Bitcoinist since June 2021. He is passionate about writing and through the years, he has gained experience working in a variety of niches. Keshav holds an active interest in the cryptocurrency market, with on-chain analysis being an area he particularly likes to research and write about.

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