On-chain data shows that the XRP blockchain has seen sharp wallet growth recently and has overtaken major networks like Bitcoin and Ethereum.
XRP Has Received Rapid Acquisition Recently
According to data from on-chain analytics company Santiment, the top cryptocurrencies have seen significant growth in Total Ownership over the past few years.
“Total Number of Hosts” here means the index, as its name already suggests, tracks the total number of non-zero balance addresses that exist on a given network.
If the value of this metric increases, it may suggest that new investors are joining the blockchain and/or old ones who previously sold are buying again. A trend may arise when existing users create multiple addresses for purposes such as privacy.
Generally, all three of these play to some degree at the same time when the Total Amount of Managers increases, so some adoption of cryptocurrency can be assumed to happen.
On the other hand, the decline of the index means that some investors have decided to exit the asset, hence removing their addresses.
Now, here’s a chart showing the trend of the Total Value of the four top currencies by market cap: Bitcoin, Ethereum, Tether, and XRP.
All of these coins seem to have gained a significant number of holders in the last two years | Source: Santiment on X
As seen in the graph above, Total Value of Managers has seen significant increases in all four of these assets over the past few years. This naturally suggests that the cryptocurrency industry has seen a high influx of users.
While Bitcoin, Ethereum, and Tether have seen more or less consistent gains over this period, XRP has shown divergence recently as the index has moved higher.
From the chart, it appears that Total Assets started its coin split on October 18. Interestingly, the asset price did not start to converge until mid-November, so it seems that this rapid recovery helped create a strong environment for the cryptocurrency to continue.
In terms of long-term trends, USDT has been the most popular asset, with its Total Ownership increasing by nearly 66% over the past two years. Ethereum was second at 47% and XRP third at 28%. Bitcoin has been a little behind with a 27% increase.
Although XRP has held its own in terms of adoption, the network is still the smallest among these giants with the number of investors currently standing at 5.75 million.
XRP price
XRP has seen a decline alongside the rest of the cryptocurrency sector as its price is still trading around $2.17.
Looks like the price of the coin has been stuck in sideways movement recently | Source: XRPUSDT on TradingView
Featured image from Dall-E, Santiment.net, chart from TradingView.com
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