Ripple Now Has Less Active Addresses Than Dogecoin (DOGE)

Ripple is certainly the third largest cryptocurrency by market cap in today’s crypto space, holding around $8 billion, but it is definitely not the third most popular cryptocurrency. This is what a recent report from CoinMetrics shows, outlining that Ripple now has less active addresses than many major cryptocurrencies.

The analyst @Crypto_rand on Twitter even formulated this in a tweet, showing the satistics from another data source and stating that there is an “interesting decrease on the $XRP dynamic addresses.”

Interesting decrease on $XRP dynamic addresses.

Giving up or holding for Lambo? pic.twitter.com/SsjcoXYbMa

— Crypto Rand (@crypto_rand) March 31, 2020

This is what makes analysts think that XRP is overvalued. However, the Ripple news now show that the coin is gaining and has no problems regarding this. During March 2020, Ripple had more than 5,000 active addresses and then saw a 83% decline in them. This pales in comparison with the leading coin Bitcoin (BTC) which has 735,000 active addresses as well as Ether (ETH) which has around 387,000 addresses.

Dogecoin (DOGE) is another coin that easily beats Ripple (XRP) since it has 50,000 active addresses. Even Digibyte (DGB) which is not a major cryptocurrency by any definition, managed to beat out Ripple (XRP) since it has over 6,000 active addresses now.

Overall, the data proves that Ripple now has less active addresses than Dogecoin and that it is not really a major cryptocurrency since it has the same activity as a minor to moderate cryptocurrency. Basically, this shows that there might be lots of XRP speculation on the markets, but no one is actually using the network. Indeed, it is almost unheard for someone to actually use a Ripple (XRP) wallet and when people hold XRP, this is usually via an exchange.

Overall, the entire data proves that Ripple (XRP) is not really a major cryptocurrency since it has the same activity as a minor to moderate coins. The fact that the Dogecoin news today show that DOGE has 50,000 active addresses definitely live up to the investors’ expectations from this specific altcoin.

However, we can all agree that a better parameter is needed to determine the true rankings of cryptocurrencies. Perhaps a good start with this would be a metric which combines active addresses with market cap and order book liquidity.

Today’s price of XRP is at $0.1795, while the current price of DOGE sits at $0.0018.