Data shows that XRP wallets are growing at an equivalent rate

On-chain data shows that the XRP blockchain has seen sharp wallet growth recently and has overtaken giant networks such as Bitcoin and Ethereum.

XRP has gained rapid adoption recently

According to data from the on-chain analytics company Santimentthe top cryptocurrencies have seen significant growth in their total number of holders over the past two years.

the “Total number of ownersHere it refers to an indicator that, as its name already suggests, tracks the total number of non-zero balance addresses present on a given network.

When the value of this metric rises, it can indicate that new investors are joining the blockchain and/or that old investors who previously sold are buying back. This trend can also arise when existing users create multiple addresses for a purpose such as privacy.

In general, all three of these elements play a role simultaneously the higher the total number of shareholders, so some networks Adoption It is possible to assume the occurrence of cryptocurrency.

On the other hand, a decline in the indicator indicates that some investors have decided to exit the asset, which is why they are clearing their addresses.

Now, here’s a chart showing the trend in the total number of holders of the top four cryptocurrencies by market cap: Bitcoin, Ethereum, Tether, and XRP.

All of these coins seem to have gained a significant number of holders in the last two years | Source: Santiment on X

As can be seen in the chart above, the total number of holders of these assets has seen a sharp increase for all four of these assets over the past two years. This naturally indicates that the cryptocurrency sector has seen a huge influx of users.

While Bitcoin, Ethereum, and Tether have seen a fairly consistent uptrend in this period, XRP has shown divergence recently as the index has risen significantly.

From the chart, it appears that the total number of holders of the coin began its separation from the coin on October 18. Interestingly, the price of the asset did not start to rise pool Until mid-November, so it appears that it is this rapid adoption that has helped build a solid footing for the cryptocurrency.

In terms of the long-term trend, USDT has been the asset that has seen the most adoption, with its total number of holders rising by about 66% over the past two years. Ethereum came in second place with 47%, and XRP came in third with 28%. Bitcoin lagged only marginally with a 27% increase.

While XRP has maintained its position in terms of adoption rate, the network is still the smallest among these giants with 5.75 million investors currently.

Ripple price

XRP has noticed a slowdown along with the rest of the cryptocurrency sector as its price is still trading around $2.17.

Looks like the price of the coin has been stuck in sideways movement recently | Source: XRPUSDT on TradingView

Featured image from Dall-E, Santiment.net, chart from TradingView.com