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On-chain data shows more than 70% of all capital stored in XRP came into the network alongside the high prices of the last six months.
Over 70% Of XRP Realized Cap Is Six Months Old Or Younger
In a post on X, Glassnode senior researcher CryptoVizArt.₿ has talked about the capital inflow situation related to XRP. The indicator of relevance here is the “Realized Cap,” which is a model that, in short, keeps track of the sum of the cost bases of all addresses on the network.
In other words, the indicator provides an estimate of the total amount of capital that the holders as a whole have invested into the cryptocurrency. Below is the chart shared by the analyst that shows how this metric has changed for XRP over the past decade.
As is visible in the graph, the XRP Realized Cap (black curve) has witnessed an explosion alongside the recent bullish push in the asset’s price. This would imply that a large amount of new capital has come into the cryptocurrency. In the same chart, the Glassnode researcher has also attached the data related to the Realized Cap associated with the different coin groups younger than six months.
The aggregated Realized Cap has seen its growth during the past six months, so it’s not surprising to see that the capital held by cohorts falling in this age range has seen its share of the indicator blow up. This massive capital wouldn’t be in any significant profit, however, considering the price levels at which it has flowed in.
After all, the window of the past six months is mostly just the cryptocurrency’s top and the subsequent phase of stagnation that’s still ongoing today. “Over 70% of the capital locked in XRP was deployed near the top over the past 6 months,” notes the analyst.
Naturally, this could put the digital asset in a delicate situation, as it wouldn’t take much of a drawdown to throw all these investors into the red. It now remains to be seen how the coin would develop in the near future and whether capital would continue to flow in, despite the fact that its price has been unable to revisit the highs from January.
In some other news, the XRP network has seen a sharp decline in the Number of Active Addresses since the March peak, as CryptoVizArt.₿ has pointed out in another X post.
The Number of Active Addresses is an indicator that measures, as its name suggests, the number of addresses taking part in transaction activity on the XRP network every day.
From the chart, it’s apparent that the Number of Active Addresses set a huge peak in March of this year, but since then, activity on the blockchain has taken a severe hit as the metric has gone down by more than 90%.
XRP Price
XRP has continued to show overall sideways action recently, as its price is still trading around $2.34
Featured image from Dall-E, Glassnode.com, chart from TradingView.com
Keshav is currently a senior writer at NewsBTC and has been attached to the website since June 14, 2021.
Keshav has been writing for many years, first as a hobbyist and later as a freelancer. He has experience working in a variety of niches, even fiction at one point, but the cryptocurrency industry has been the longest he has been attached to.
In terms of official educational qualifications, Keshav holds a bachelor’s degree in Physics from one of the premier institutes of India, the University of Delhi (DU). He started the degree with an aim of eventually making a career in Physics, but the onset of COVID led to a shift in plans. The virus meant that the college classes had to be delivered in the online-mode and with it came free time for him to explore other passions.
Initially only seeking to make some beer money, Keshav unexpectedly landed clients offering real projects, after which there was no looking back. Writing was something he had always enjoyed and to be able to do it for a living was like a dream come true.
Keshav completed his Physics degree in 2022 and has been focusing on his writing career since, but that doesn’t mean his passion for Physics has ended. He eventually plans to re-enter university to obtain a masters degree in the same field, but perhaps only to satiate his own interest rather than for using it as a means to find employment..
Keshav has found blockchain and its concepts fascinating ever since he started going down the rabbit-hole back in 2020. On-chain analysis in particular has been something he likes to research more about, which is why his NewsBTC pieces tend to involve it in some form.
Being of the science background, Keshav likes if concepts are clear and consistent, so he generally explains the indicators he talks about in a bit of detail so that the readers can perhaps come out having understood and learnt something new.
As for hobbies, Keshav is super into football, anime, and videogames. He enjoys football not only as a watcher, but also as a player. For games, Keshav generally tends towards enjoying singleplayer adventures, with EA FC (formerly FIFA) being the only online game he is active in. Though, perhaps due to being ultra-focused on the game, he is today a semi-pro on the EA FC scene, regularly participating in tournaments and sometimes even taking back prize money.
Because of his enthusiasm for anime and games, he also self-learned Japanese along the way to consume some of the untranslated gems out there. The skill didn’t merely remain as just a hobby, either, as he put it to productive use during his exploration for small-time gigs at the start of COVID, fulfilling a couple of Japanese-to-English translation jobs.
Keshav is also big into fitness, with agility and acceleration-related workouts making a big part of his program due to the relevance they have in football. On top of that, he also has a more traditional strength based program for the gym, which he does to maintain an overall fitness level of his body.
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