Ripple’s XRP has been one of the most popular cryptocurrencies for the past three years, and most of it probably came from the importance of the company’s case against the US Securities and Exchange Commission.
In fact, as CryptoPotato recently reported, the cryptocurrency ranked very high in a list that tracks the performance of various coins in terms of social engagements. XRP ranked third, following only Bitcoin and Ethereum.
And while a lot of the attention goes toward XRP’s price, there are other important metrics to keep tabs on.
If you’re interested in finding out how XRP might perform in the next bull market, though, take a look at our most recent video:
With that out of the way, let’s have a look at some of the most important on-chain metrics to keep in mind.
XRP’s rich list shows the top addresses holding the most XRP. Data from xrpscan reveals that numbers one and two are held by Ripple themselves, which is to be expected.
All other exchanges (except for one) from the top 10 are exchange addresses. They represent the number of XRP their users hold on their platforms.
Number 10, however, holds around 650 million XRP and is not labeled on xrpscan.
The second important metric that should be kept under consideration is the number of executed transactions.
In essence, all blockchain networks are designed to carry out transactions, and their health and current condition can be deduced from the number of these transactions happening on a daily basis.
The year-to-date chart for the number of executed transactions on XRP’s ledger has been pretty consistent, with one anomaly happening on March 19th.
Transaction doesn’t necessarily mean payment from one address to another. It could be a number of other things, but the actual payments made are undoubtedly amongst the most important metrics.
This particular chart shows the number of payments from one account to another. They could be internal, but this doesn’t hold much significance – the important thing is that the chart reflects how much the network is being used for payments.
