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XRP Network Shows Strange Activity Explosion, With Number of Unique Addresses Reaching Max in 2.5 Years

Fri, 07/01/2022 - 10:07
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Gamza Khanzadaev
XRP Network activity explodes, number of unique addresses reaches 2020 levels
XRP Network Shows Strange Activity Explosion, With Number of Unique Addresses Reaching Max in 2.5 Years
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According to on-chain analytics provided by Santiment, the daily number of unique active addresses on the XRP Network reached its highest value in almost 2.5 years—since February 2020.

😮 $XRP is holding up better than most #altcoins on a Thursday #crypto slide day. A couple days ago, the #XRPNetwork exploded with unique addresses interacting on the network, exceeding 200k for the first time since February, 2020. This is worth watching. https://t.co/WNqWhyZjh3 pic.twitter.com/c3nA7YyDn3

— Santiment (@santimentfeed) June 30, 2022

The increase in the number of active addresses on the network occurred on June 26 in a sharp spike, when the number of active addresses increased by 685% compared to the previous day, showing enormous growth from 29,640 to 202,960 unique addresses. During the next few days, the number of active addresses decreased but was now and then interrupted by sudden bursts of activity of about 50,000 active addresses and a subsequent decrease. By the end of June, the average number of unique daily addresses on the XRP Network was 45,000.

XRP vs. ETH performance

Santiment also said in a tweet that XRP looked better than most other altcoins on Thursday, or, as the agency called it, crypto slide day. The statement is ambiguous, but there is some truth to it nonetheless. Analyzing XRP's price chart against ETH, the main crypto-market altcoin, we can say that XRP definitely did show better performance, trading 9% higher at one point and 4% higher at the end of the day.

Source: TradingView

Nevertheless, against the USDT, XRP still experienced a drawdown on Thursday, and even though the token managed to recover toward the end of the day and the start of a new session, its quotes are still not where XRP investors would like them to be.

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About the author

Financial analyst, trader and crypto enthusiast.

Gamza graduated with a degree in finance and credit with a specialization in securities and financial derivatives. He then also completed a master's program in banking and asset management.

He wants to have a hand in covering economic and fintech topics, as well as educate more people about cryptocurrencies and blockchain.