Emily Walker
Recent on-chain data indicates that the XRP blockchain has experienced significant growth in wallet numbers, surpassing major networks such as Bitcoin and Ethereum.
Rapid Adoption of XRP
Data from on-chain analysis firm Santiment reveals a notable increase in the total number of holders among leading cryptocurrencies over recent years.
The term “Total Amount of Holders” refers to the total count of addresses with non-zero balances on a specific network.
An increase in this metric indicates that either new investors are entering the market or previous investors are re-entering by purchasing again. It may also reflect existing users creating multiple addresses for privacy-related purposes.
Generally, when the Total Amount of Holders rises, it implies a net adoption of the cryptocurrency; however, a decline might suggest that investors are withdrawing from the asset by clearing their addresses.
The following chart illustrates the trends in Total Amount of Holders for the four largest cryptocurrencies by market capitalization: Bitcoin, Ethereum, Tether, and XRP.
The chart demonstrates a sharp escalation in Total Amount of Holders for these four assets within the past couple of years, indicating a substantial influx of new users in the cryptocurrency market.
While Bitcoin, Ethereum, and Tether have shown consistent growth, XRP has recently distinguished itself with an extraordinary increase in this indicator.
Analysis reveals that XRP’s Total Amount of Holders began to surge around October 18th. Notably, its price didn’t start to climb until mid-November, suggesting that the influx of new holders laid a strong foundation for its subsequent price surge.
In the long term, USDT leads in adoption with a 66% rise in Total Amount of Holders over the previous two years. Ethereum follows at 47%, while XRP sits at 28%. Bitcoin shows a slight lag with a 27% increase.
Despite XRP’s impressive adoption rate, it remains the smallest network among these market leaders, currently having 5.75 million investors.
XRP Price Update
Similar to the broader cryptocurrency market, XRP is experiencing a price plateau and is currently trading around $2.17.