Following XRP’s impressive market performances coupled with its attractive outlook in recent weeks, the XRP ecosystem has continuously amassed more users.
Lately, market watchers have emphasized XRP’s newly discovered penchant for rallies. The recent one came from Eli Martinez, a popular crypto proponent and analyst.
Read Also: XRP Addresses Surpass 4.3 Million, On-Chain Activities See Massive Surge
Ali Martinez’s Opinion On Most Accurate Price Predictor
Ali Martinez, a well-established crypto trader, drew the attention of his 26.1k Twitter followers to the impressive growth pattern observed in XRP.
Ali noted the growing number of new addresses on the XRP network since mid-May as revealed by the data obtained from the Santiment’s Network Growth (XRP) metric.
The Santiment’s chart revealed that the number of new XRP addresses created daily started recording tremendous progress from the beginning of March. The uptrend sustained until the daily new addresses reached 3,360 on March 29, which makes it the highest recorded figure for 2023.
Ali thereby concluded that network growth, such as the massive increase in the number of XRP addresses, is one of the most accurate predictors.
Ali Martinez tweeted, “The Ripple network is expanding as the number of new XRP addresses trends up! Network growth is often considered one of the most accurate price predictors. Generally, a steady increase in the number of new addresses created on a given blockchain leads to a major price upswing.”
The #Ripple network is expanding as the # of new $XRP addresses trends up!
Network growth is often considered one of the most accurate price predictors. Generally, a steady increase in the # of new addresses created on a given blockchain leads to a major price upswing. pic.twitter.com/cI1sVr95pt
— Ali (@ali_charts) June 5, 2023
While speaking about what market watchers think of an asset’s network growth, Ali stated, “Generally, a steady increase in the number of new addresses created on a given blockchain leads to a major price upswing.”
Correlation between Network Growth and XRP Price
Notably, XRP’s rally in mid-March which saw the asset rally by 68% from March 11 to March 29, coincided with the same period when XRP was witnessing a rapid increase in the number of new addresses.
XRP recorded its highest price for the year on March 29, when it hit the $0.5850 price mark. Surprisingly, March 29 was also the same day XRP recorded the highest number of newly registered addresses, which we hinted at earlier in this report.
Network growth is experiencing another expansion phase, and the crypto community is already speculating a new surge for XRP.
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