The number of daily active addresses continues to rise for XRP despite the crypto-asset undergoing a significant pullback in price.
According to on-chain analytics platform Santiment, the rise in daily active addresses continues to be high for the third-largest crypto-asset by market capitalization. Despite XRP undergoing a price pullback of more than 9 percent this week, relative user adoption has continued to build.
Santiment said XRP holders could take solace in the fact that the crypto-asset is one of the few altcoins with a bullish divergence in daily active address (DAA).
XRP recorded a seven-day high in active address at 9,499 on August 24. The crypto-asset has registered more than 70,000 DAA since reaching a single-day peak on February 13, 2020.
Despite the uptick, XRP continues to lag significantly behind bitcoin and ethereum in terms of active wallets, at 1.12 million and 400,000, respectively. However, software developer Matt Hamilton explained on Twitter that part of XRP’s lower DAA is attributed to the protocol’s use of destination tags, which allow for the creation of subaddresses.
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