XRP On-Chain Trends Recording Strong Growth as Ripple’s XRPL Numbers on the Rise
- Transaction and active address count on the up and up
- An uptick in total fees, transaction value
- Number of addresses with a balance of at least 10 XRP continues to increase
- But realized cap continues to trend downwards
XRP price might not be making any moves — currently trading below $0.30 — despite the Swell event just around the corner but its on-chain metrics are going strong.
In a Twitter Thread, Coin Metrics, a crypto asset market data, and research firm shared these developments starting with a significant uptick in the transaction count on XRP Ledger.
Transaction and Active Address Count on the Up and Up
At the beginning of 2019, this number stayed below 600,000 which surged above a million. Then from August to well into October, the XRP transaction count remained near 800,000. But it was late in October when this figure skyrocketed, going from under 800,000 to surpassing 1,600,000.
Now, the transaction count is hovering around 1.6 million only. This uptick the firm notes coincided with XRP’s active address count.
In the first quarter of 2019, the active addresses remained below 10,000. This saw an increase in Q2 when the number recorded between 10k to 20k. Then, in a sudden movement, these active addresses shot up nearly 60,000 in July.
This wild increase in active addresses coincided with a drop in XRP price. On June 26, XRP price was trading around $0.475 which tumbled to $0.298 after a vicious sell-off.
XRP active addresses have been at its lowest in September that recovered during the same time as the significant surge in transaction count.
Number of addresses with a Balance of at least 10 XRP Continues to Increase
This chain effect that led to the total fees paid on-chain picking up as well.
Ripple promotes its products to banks and financial institutions for saving as much as 40% of costs which corresponds with the daily total fees on the network.
The network registered less than 1000 XRP in daily total fees throughout the year but with a few exceptions when it went to 2000 XRP. In July however, the daily fees broke the 5000 XRP mark.
But in the last two weeks, as the firm points out, the total fees paid on-chain been “sustaining itself near yearly highs, excluding the day someone paid over 155,000 XRP in fees across 3 transactions.”
The Network Value to Transactions Ratio is also hovering at yearly lows. But with network value remaining relatively flat, this means on-chain activity has been increasing. This is confirmed by a huge uptick in the transaction value on-chain going to $1.1 billion.
Another positive development seen on the XRP network is the number of addresses with a balance of at least 10 XRP continues to increase.
However, Coin Metrics notes, “the realized cap continues to trend downwards from its all-time high which coincided with XRP’s all-time high price.”