Data from Glassnode indicates a significant increase in active addresses for XRP in the recent market cycle compared to Bitcoin, highlighting speculative interest from retail traders.
Dynamics of Active Addresses for XRP and BTC
According to Glassnode, XRP's active addresses have increased by 490% since the 2022 cycle low, while Bitcoin's active addresses have grown only 10% over the same period.
Speculative Nature of XRP's Rise
Glassnode suggests that the sharp rise in XRP active addresses signals heightened speculative interest from retail traders. This contrasts with Bitcoin's more stable growth driven by institutional investments and ETF inflows.
Comparison of Growth Paths for XRP and BTC
The analysis reveals that despite similar price gains since the cycle low, the growth paths for XRP and BTC differ. 'While both gained roughly 5x to 6x off the bottom, Bitcoin shows steady, catalyst-driven growth, while XRP's rise is largely speculative,' Glassnode notes.
In conclusion, the contrasting dynamics of XRP and BTC highlight differences in their growth sources: XRP is primarily driven by rising interest from retail traders, while BTC remains more stable, supported by institutional investments.
