Blockchain data shows that active XRP addresses are near record levels. Address activity on the network has reached its second and third highest ever values in the past few days.
The “active addresses” indicator tracks the total number of unique addresses that participate in some type of transaction activity daily on the XRP blockchain. This metric takes into account both senders and receivers. Because the indicator only measures the number of unique addresses, even if there are some addresses that make multiple transfers across the network in a single day, their contribution to the metric remains only one unit. Unique addresses can be considered the same as unique users visiting the blockchain. Therefore, the active addresses indicator gives us information about the degree of traffic currently observed by the network.
When the value of this metric is high, it means that a large number of addresses are currently involved in transfers on the chain. Such a trend indicates that investors are currently active in the market. On the other hand, low values mean that the network is not currently observing much activity. This type of trend can sometimes be a sign of a lack of interest in cryptocurrencies among general investors.
XRP active addresses have been at relatively low values over the past few weeks, but over the past few days, the indicator has suddenly revived. About two days ago, the metric saw its second-highest daily increase ever, recording around 490,000. This means that 490,000 unique addresses interacted on-chain during that spike. Yesterday, the metric showed a slowdown and has since dropped to 281,000. However, this level is still the third-largest in cryptocurrency history, meaning activity at the moment still remains at historically high levels.
The only instance where a higher value than these spikes was observed (i.e. the indicator’s all-time high) was on March 18. Interestingly, the price of XRP continued to increase by around 45 percent after this spike, suggesting that high user activity may have fueled the rise. Currently, the price goes up as users stay active on the network. It is unclear whether this ongoing volatility will turn into something like the one seen earlier in the year. However, it is still considered an optimistic sign.