Recent on-chain data from Glassnode has revealed a notable shift in retail investors' preferences within the cryptocurrency market, with XRP (XRP) experiencing a substantial increase in popularity compared to Bitcoin (BTC). According to the data, XRP's quarterly average of daily active addresses surged dramatically by 490%, a stark contrast to Bitcoin's relatively modest 10% rise since reaching its 2022 cycle low. This divergence indicates that retail speculative demand is playing a key role in XRP's current momentum, while Bitcoin's ongoing rally continues to be primarily supported by institutional participation.

In their latest newsletter, Glassnode emphasized the contrasting paths taken by these two prominent cryptocurrencies. Despite achieving comparable price increases of roughly 5x to 6x from their respective 2022 cycle lows, the two assets have exhibited different patterns of investor behavior. Glassnode noted that Bitcoin's growth trajectory has remained consistent, with periods of significant upward movement often triggered by events such as the launch of spot ETFs or during periods leading up to U.S. elections. Notably, Bitcoin reached an all-time high shortly before President Trump's inauguration.

On the other hand, XRP's rally has been marked by a sudden breakout beginning in December 2024, which Glassnode attributed to retail speculation. However, this rapid ascent also raises concerns about its sustainability. The data suggests that the current surge is largely fueled by recent investments rather than long-term, enduring demand. Glassnode's analysis showed a swift accumulation of wealth among newer investors, with participants who entered the market within the last six months contributing approximately half—or around $30 billion—of the total increase.

Further insights into the distribution of XRP's realized cap indicate a significant shift, as addresses younger than six months now hold 62.8% of the total, up from 23% just a short time ago. Additional data from Google Trends corroborated these findings, revealing that interest in XRP is heavily concentrated in Europe and the United States, with substantially lower search activity recorded in Asia and Africa. This geographical disparity implies that XRP's retail-driven rally might be linked to specific market conditions prevalent in Western regions, possibly influenced by regulatory clarity or community-driven enthusiasm.

Despite XRP's evident appeal to retail investors, the longevity of its current uptrend remains unclear. Glassnode's report points out that capital inflows have decelerated since late February 2025, suggesting a potential decline in retail speculation. Furthermore, the Realized Loss\/Profit Ratio has been declining steadily since January 2025, indicating that investors are experiencing reduced profits and encountering greater losses. As a result, Glassnode advised exercising prudence until clearer indications of recovery emerge, emphasizing the need for careful observation amidst this dynamic market environment.

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