XRP Has Been Gaining Rapid Adoption Recently

On-chain data shows the XRP blockchain has witnessed sharp wallet growth recently and has outpaced giant networks like Bitcoin and Ethereum.

On-chain data shows the XRP blockchain has seen sharp wallet growth recently, outpacing giant networks like Bitcoin and Ethereum.

According to data from on-chain analytics firm Santiment, the top cryptocurrencies have seen massive growth in “Total Amount Of Holders” over the last couple of years.

The “Total Amount Of Holders” is an indicator that tracks the total number of non-zero balance addresses on a network. When the value of this metric goes up, it can indicate that new investors are joining a cryptocurrency, old investors who sold earlier are buying back, or that existing users are creating multiple addresses for a purpose like privacy.

Usually, all three of these trends occur to some degree at once when the Total Amount Of Holders rises, and the assumption is that some net adoption of the cryptocurrency is taking place.

On the other hand, when the indicator decreases, it can imply that some investors are choosing to exit an asset, which is why their addresses are getting cleared out.

Here's a chart that shows the trend in the Total Amount Of Holders for the top four cryptocurrencies by market cap, which are BTC, ETH, USDT, and XRP.

As the above chart shows, the Total Amount Of Holders has seen a sharp increase for all four of these assets over the last couple of years. This indicates that the cryptocurrency space has seen a huge influx of users.

While Bitcoin, Ethereum, and Tether have seen a more or less consistent uptrend in this period, XRP has shown divergence recently as the indicator has skyrocketed for the coin.

From the chart, it's clear that the Total Amount Of Holders began to rapidly rise for XRP on October 18th. Interestingly, the asset’s price didn't start rallying until mid-November, suggesting that this rapid adoption may have helped build up a strong base for the cryptocurrency to rally on.

In terms of the long-term trend, USDT has seen the most adoption with its Total Amount Of Holders rising by about 66% over the last two years. Ethereum comes in second with an increase of 47%, followed by XRP at 28%. Bitcoin is close behind with a gain of 27%.

While XRP has done well in terms of adoption rate, the network is still the smallest among these giants with its number of investors currently standing at 5.75 million.

XRP Price今朝鈍化，與加密貨幣市場其他部分一起放緩，因為其價格仍徘徊在 2.17 美元左右。