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Market Cap $2,495,738,189,305.00
Bitcoin Share 51.48%
24h Market Cap Change $0.44

XRP notes few active addresses, but high transaction numbers

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XRP startled the crypto-community after it noted 50% of all crypto-transactions, with its transaction count nearing its all-time high of 1.70 million. The third-largest digital asset peaked in terms of transaction count at 1.65 million on 26 October, following which it started to descend.

However, according to a market observer, @freemover369, the 30-day average number of active addresses on XRP stood at 4.643k among the top 15 cryptocurrencies. XRP followed thirteen cryptos, securing the fourteenth place.

Source: Twitter

Source: Twitter

Despite almost having the least active addresses over the past 30 days, XRP’s transactions have been off the charts, challenging that of Bitcoin [BTC] and Ethereum [ETH].

XRP has been noting an erratic correlation between address count and transaction count, a correlation that aligned only during the end of the bull run in January 2018. On 16 January 2018, the XRP address count was reported to be 36.24k and the corresponding transaction count was 1.70 million.

The address count fell in the following months and on 26 October 2019, when XRP noted a jump of 12%, the transaction count shot up and neared its all-time high at 1.65 million. However, this time the corresponding address count is just 7.50k, almost five times lower than the numbers recorded in January 2018.

On the other hand, other cryptocurrencies like Bitcoin [BTC], Ethereum [ETH] and Stellar Lumens [XLM] reflected some correlation between the rise and fall of transactions and address count.

Source: Coin Metrics

Source: Coin Metrics

XRP’s rising price corrected itself as it fell to $0.2473 on 23 October, a movement which has been a recurring pattern in the XRP market. At press time, the third-largest coin stood at $0.2925 with a market cap of $12.75 billion, after noting a fall of over 6.29% over the past day.

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Manu is a full-time journalist at AMBCrypto covering the US and Indian markets. A graduate in engineering, he writes mainly about regulations and its impact with a focus on technological advancements in the crypto space.
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