On-chain data shows the XRP network has seen a burst of activity and address creation recently, something that could turn out to be a bullish signal.

XRP Active Addresses & Network Growth Have Both Spiked Recently

According to data from the on-chain analytics firm Santiment, address-related indicators have spiked for XRP recently. The first metric of relevance here is the “Daily Active Addresses,” which keeps track of the total number of addresses that are participating in some kind of transfer activity on the network every day.

The unique number of active addresses can be considered the same as the number of users making use of the network, so this indicator’s value essentially tells us about the amount of traffic that the chain is receiving.

The other indicator of interest is the Network Growth, which measures the total number of new addresses that are being created on the network every day. An address is said to be ‘created’ when it makes its first transaction on the blockchain.

While the Daily Active Addresses tells us about the utility on the network, the Network Growth provides the information about how adoption of the cryptocurrency is coming along.

Here is a chart that shows the trend in the Daily Active Addresses and Network Growth for XRP over the past month:

The two indicators appear to have spiked high in recent days | Source: Santiment on X

As is visible in the above graph, the XRP Active Addresses and Network Growth have both registered a sharp increase during the last couple of days, implying the utility and adoption of the network have shot up.

In this latest activity boom, the blockchain has seen transactions from 35,799 unique users, which is the highest value since July. Similarly, 3,858 new users have joined the network, a peak not witnessed since March.

Now, as for what these trends could mean for the asset, the answer differs between the two indicators. Adoption is usually a bullish sign in the long-

Go to Source to See Full Article
Author: Keshav Verma