The data by CryptoQuant shows that there were more than 9,000 new XRP addresses on June 11 and June 12. It is the best two-day increase on the network in more than a week.
June 11 alone saw around 4,500 new addresses created. The following day, another 4,200 were added. These numbers indicate expanding participation across the XRP ecosystem.
CryptoQuant’s data makes the trend clear. Wallet creation began rising sharply on June 9. Before that, there were fewer than 3,500 new addresses each day. The latest leap indicates that there is increasing momentum in the background.
The increasing number of new addresses can be interpreted as a potential indicator of future liquidity or volatility by traders. For long-term investors, the increasing number of wallets indicates that there is still more room for adoption. It also demonstrates the increasing popularity of XRP.
That makes this data valuable for those trying to get ahead of the market rather than follow it.
XRP network grows further
XRP’s underlying use case for fast settlement and cross-border transactions remains its key strength, and rising wallet creation is proof. More users could also be trying out the use of XRP for multiple purposes or could be incorporating it into their applications.
The difference is visible in comparison to the beginning of June. On June 6, new addresses were approximately 3,200. By June 8, it was only slightly higher. Then, activity spiked beginning June 9 and accelerated into June 11 and 12.
The price trend during this spike was flat to slightly down. That divergence is worth paying attention to. It may indicate a buildup of users ahead of a price move.
The network of XRP is expanding, and it does so even despite the lack of rise in price. At the time of writing, XRP trades at $2.13, a decrease of 2.52% over the past day, as revealed by CoinMarketCap data.
Although the price decreased minimally, XRP trading volume has increased by 66.30% to $4.53 billion, showing the increased interest in trading among traders.
Its 24-hour trading volume as a percentage of market cap is 3.6%, which indicates that there is active liquidity for anyone that wants to enter or exit a position.