On-chain data reveals a significant uptick in adoption and network activity for XRP, sparking interest in the asset within the crypto and NFT community. This surge in activity may signify a potential shift in the market sentiment towards XRP.
One crucial aspect to consider is the increase in XRP new addresses and active addresses, as reported by on-chain analytics firm Santiment. The “Network Growth” metric, which tracks the total number of new addresses created daily, has reached its highest level since March. This surge in new addresses indicates a growing interest in XRP, suggesting fresh adoption and increased user activity.
Similarly, the “Daily Active Addresses” metric, which measures the unique addresses engaging in transaction activities daily, has also experienced a notable spike. This rise in active addresses reflects the growing user base and daily network activity for XRP.
Charting the trend in these metrics over recent months illustrates a significant rise in both new addresses and active users for XRP. Notably, the network saw 1,721 new addresses and 47,363 active users during the peak of this uptrend. This surge in network activity aligns with XRP’s price surge of over 18% in the past week, attracting both new users and reinvigorating existing ones.
While these on-chain metrics forecast a positive outlook for XRP’s recovery, the asset’s price currently faces resistance around $0.55, following a recent drop from its peak at $0.63. Despite this setback, the increased network activity and user engagement signal a potential strength in the underlying fundamentals of XRP.
As the crypto market continues to evolve, monitoring on-chain metrics such as new addresses and active users can provide valuable insights into the health and growth of a crypto asset like XRP. The recent surge in adoption and network activity for XRP may indicate a newfound interest in the asset, potentially paving the way for further growth and development within the crypto industry.
