On-chain data shows the total number of empty XRP addresses that have set a new all-time high alongside 5 weeks of network activity.
XRP Total Number of Holders Hits New Record
As revealed by on-chain analytics company Santiment in a new post on X, XRP has set a new record for the Total Value of Hosts. This index measures, as its name suggests, the total number of addresses present in the network that carry a non-zero balance.
If the value of this metric increases, it can be a sign that investors are joining the network or old ones who sold earlier are coming back. This trend may arise due to existing users creating new wallets for purposes such as privacy. In general, all of these factors can be considered to be in play at the same time whenever the Net Asset Value increases, so the adoption of net assets can be considered as having occurred.
Now, here’s a chart shared by Santiment that shows the trend of Total XRP Host Value this past month:
Looks like the value of the metric has steadily been heading up | Source: Santiment on X
As shown in the graph above, the Total Value of XRP Holders has followed a rise in recent weeks, which means that the cryptocurrency has been gaining new users continuously. Today, the index sits at over 7.7 million, which is a new record for the blockchain.
Total Number of Holders is not the only indicator that has seen XRP rise recently. As the statistics company has highlighted in the same chart, Daily Active Addresses has recently seen an increase. This metric tracks the daily value of the number of addresses participating in a particular type of transaction activity on the network.
While the Total Number of Administrators measures the pure number of users present on the blockchain, Daily Active Addresses provide a measure of the number of those who are active in their participation.
Following the recent spike in Daily Active Addresses, 46,767 addresses are making transactions on the XRP network, the highest level in nearly five weeks. The rise in activity has come in tandem with the rise in the price of cryptocurrency.
A sharp amount of activity often attracts attention on the network, so it may not be surprising that this increase in Daily Active Addresses has occurred. In general, price movements like this are sustainable as long as they can continue to invite participation from investors, so it remains to be seen whether the index will also be raised in the coming days.
XRP price
XRP briefly touched the $1.6 level during its most recent rally, but the coin has since cooled back 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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