XRP Falls Behind Bitcoin SV, Dogecoin in Active Addresses

Evidence suggesting a change in investor behavior continues to grow as XRP and a handful of other projects see serious declines in crypto wallet addresses over the past 4 weeks. 


XRP Investors Hodling or Losing Interest?

Analyst CryptoRand has posted a chart showing the number of dynamic addresses has decreased among many major platforms over the past month. According to Crypto Differ figures, XRP is by far the worst affected.

As noted in the Tweet, XRP dynamic addresses have allegedly fallen by 29,208 over the last month. This puts the project behind other less prominent competitors such as Bitcoin SV (BSV), Dogecoin (DOGE), and Decred (DCR). However, this number may not be entirely accurate, as it is compared against February which saw several major temporary spikes. This three month chart of XRP addresses from Coin Metrics perhaps offers a little more clarity.

Thus, when looking at a longer time frame, the number of XRP addresses has remained relatively stable, although it’s still far lower than other projects in the top 10.

A key takeaway from the overall data is the fact that investors are moving their coins from exchanges into personal wallets. There can be no question that interest in long-term cold storage is growing as the global economy declines. This fact further reinforces the argument that the public views cryptocurrency as a legitimate financial safe haven.

This collective move will likely put upward pressure on price, as the supply of coins for trading declines. It could also prompt more use of Bitcoin and other blockchain assets for real world purchases. As the market recovers the number of dynamic addresses across the crypto space will once again move up.

This chart clearly shows Bitcoin’s hegemony in the blockchain space, as its number of active addresses dwarfs all others. Its number has however, also marginally declined over the past few weeks.

ADDRESS ANOMALIES DEMONSTRATE NETWORK GROWTH

As shown in the chart, some crypto platforms have seen a spike in dynamic addresses. Most notably, Ethereum saw a twenty-two percent increase. This fact reflects the growing use of the Ethereum blockchain, most notably in decentralized finance (DeFi). In fact, DeFi has come to dominate the Ethereum network over the past few weeks.

Stellar Lumens has also seen a major spike in network usage over the past few weeks, reflected by the large number of new addresses.

The eventual mass adoption of cryptocurrency will see value increasingly reflected by network usage. In other words, all cryptocurrencies, Bitcoin included, must prove their utility in order to survive long-term. The examination of alternate data can thus give a good insight into overall platform potential.

Do you think XRP’s drop in active addresses is a sign of hodling or lack of interest? Add your thoughts below!


Images via Shutterstock, Twitter @crypto_rand, Chart by CoinMetrics

 

JuiceStorm TV

Trading The UK, IE, US And AU Betfair Horse Racing Markets 24/7

The Betfair selections we are trading above are UK time. Only filled trades or bets appear on JuiceStorm TV.

Unsure how to get involved? Take a look here.

In 2021 TradeHost traded 7,937 Betfair UK, IE, US & AU horse racing and greyhound markets.

2022 saw TradeHost become even more profitable with 22,698 Betfair markets traded.

2023 less markets were traded – 17,459 – but a with a similar profit to 2022.

All trades and bets were streamed live on JuiceStorm TV which was was watched by 124,209 traders in 2022.

All results for the 48,094 Betfair markets traded are here and the charts are here.

Top 100 Comments on JuiceStorm.com

Racing Traders has over 20,000 registered members and more join every day. Find out why with a free trial.

BetTrader from RacingTraders.co.uk was the 1st application for Betfair & introduced the ladder UI. Invest £99 in yourself with a JuiceStorm EXCLUSIVE crypto only offer for a BetTrader lifetime license and no further payments.

Successful Betfair Traders have the simplest Betfair Trading systems. The difference is their selection process, experience and execution level. Get that difference for yourself with automated trading by TradeHost.

Our AI articles are NOT written by a real person and are provided for entertainment only. They may contain content which is inaccurate but we are hoping our AI bot, Rose, will become better over time. The AI category is the ONLY section of JuiceStorm.com that has zero human input.

Leave A Reply
Comment Rules

  • Please show respect to the opinions of others no matter how seemingly far-fetched.
  • Abusive, foul language, and/or divisive comments may be deleted without notice.
  • Each JuiceStorm member is allowed two daily comments. Use them wisely.
  • Comments must be limited to the number of words displayed above the comment box.
  • Use branded capitalisation, eg. JuiceStorm, TradeHost, BetTrader, etc or John will get upset.
  • You agree that any comment you make may be used for marketing purposes by JuiceStorm.com.
  • You need more than 20 words? Click here for the largest Telegram community for Betfair Traders.