Ripple’s XRP: Beyond the Price
Ripple’s XRP has gained significant popularity in recent years, largely due to its ongoing legal battle with the US Securities and Exchange Commission. In terms of social engagements, XRP ranks third among cryptocurrencies, trailing only Bitcoin and Ethereum.
While much attention is focused on XRP’s price, there are other key metrics that should be monitored. To gain insight into how XRP may perform in the next bull market, consider examining the following on-chain metrics:
XRP’s Rich List
XRP’s rich list displays the top addresses holding the largest amounts of XRP. Data from xrpscan indicates that Ripple holds the first two spots, which is expected. The remaining addresses in the top 10 are primarily exchanges, representing the XRP held by their users. Interestingly, the tenth address holds approximately 650 million XRP but is unidentified on xrpscan.
Number of Transactions Executed
The number of executed transactions is another crucial metric to consider. Blockchain networks are designed to facilitate transactions, and their overall health can be assessed based on the volume of daily transactions. Year-to-date data for XRP’s ledger shows consistent transaction activity, with a notable anomaly occurring on March 19th.
Number of Payments from One Account to Another
While transactions encompass various activities, payments made between accounts are especially significant. This chart illustrates the number of payments from one account to another on the XRP network. While some payments may be internal, the chart reflects the overall usage of the network for payments.
Hot Take: Ripple’s Potential Beyond Price
Monitoring XRP’s price is essential, but it is equally important to consider other key metrics that provide insight into its performance. By examining XRP’s rich list, number of executed transactions, and number of payments, you can gain a comprehensive understanding of the cryptocurrency’s overall health and potential for growth in the future.
Sources: XRPScan
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