Data in the chain show that activity in the XRP network has registered a huge raise over the past week, because the variability has consumed the market.
Busy addresses and XRP volume have recently appeared
In recent post WX Analyst Ali Martinez discussed the latest trend in energetic XRP addresses. “Active addresses” relate to a chain indicator here, which follows the total number of addresses that become “active” or online on the network every day.
It is said that the address is energetic when it participates in some transfer activity. This applies regardless of whether the address is involved as a sender or recipient. Therefore, a single transaction always leads to at least two wallets.
When the value of energetic addresses increases, it means that there are more addresses on the web. Such a trend suggests that trade interest in assets increases among investors.
On the other hand, the fall indicator suggests that owners may pay less attention to cryptocurrency, because fewer of them are involved in transactions.
Here is the Glassnode chart made available by an analyst, which shows the trend in energetic XRP addresses over the past few weeks:
The value of the metric appears to have witnessed a spike in recent days | Source: @ali_charts on X
As displayed in the graph above, the energetic XRP addresses ended at a low level, but from this month of March the indicator has been strongly revived.
“The number of active XRP addresses increased rapidly by 620% over the past week, climbing from 74 589 to 462 650!” Martinez notes. The acute jump of the indicator occurred when the coin underwent a great variability.
Basically, investors are attracted to the market in such periods and make some panic movements. In turn, high activity ends with price variability.
Considering that energetic addresses are currently at a high level, it is possible that the edged price of cryptocurrency may have not yet ended. Another indicator that correlates with network activity is the volume of the transfer and, as the analyst noted in another x postThis record also increased.
Looks like the value of the metric is quite high at the moment | Source: @ali_charts on X
The volume of the transfer measures the total amount of assets that moves to blockchain every day. Both this indicator and energetic addresses relate to transactional activity, but they differ in that they gain more importance on different sides of the market.
Little investors have a larger number, so an energetic address trend tends to correlate with their behavior. On the other hand, huge transactions affect the volume of transfer to a greater extent, so the record represents the activity of whales.
Since both energetic addresses and the volume of transfer have increased, it seems that all market pages are now occupied in movements, which is not very surprising.
Price XRP
At the time of writing, XRP trad around $ 2.47, which is over 9% in the last seven days.
The price of the coin seems to have retraced its recent rally | Source: XRPUSDT on TradingView
A distinguished picture from Dall-E, Glassnode.com, Chart from TradingView.com
