The XRP Ledger has achieved a significant milestone, surpassing 5 million active addresses. This development is a testament to the enduring presence of XRP among altcoin investors. The number of XRP holders and traders has been steadily increasing since mid-2023, and the cryptocurrency is now posting gains in its 24-hour price after a week of decline among altcoins.
Despite being among the cryptocurrencies with the largest market caps, XRP’s userbase remained stagnant around the 4 million mark for over two years. This stagnation can be attributed to the peak of Ripple’s lawsuit against the SEC, which cast a shadow over the XRP’s ecosystem. However, recent events have led to an increase in activity and a corresponding increase in active addresses in the XRP Ledger.
According to XRPScan, the 5 million addresses collectively contain nearly 100 billion XRP tokens. However, over 40 billion XRP tokens are currently in escrow, leaving a circulating supply of approximately 59 billion XRP tokens with a market cap of $30.97 billion. The majority of the tokens are concentrated in a few addresses, with 40.5 billion XRP, or 46.5% of the total supply, locked in eight escrow accounts controlled by Ripple. Additionally, 4.5 billion XRP tokens are in spendable addresses owned by Ripple.
South Korea-based crypto exchange Upbit is next on the list of top XRP holders, with 6.623 billion XRP tokens across 11 wallets, representing 6.12% of the total supply. Binance follows, holding 2 billion XRP tokens in two wallets. Ripple’s current chairman, Chris Larsen, holds 2.8 billion XRP distributed across six wallets.
The recent milestone is indicative of growth in the XRP ecosystem in 2024. An increase in accounts and overall use of the ledger could drive higher demand for XRP, potentially impacting its price positively. At the time of writing, XRP is trading at $0.5714, up by 2.8% in the past 24 hours. If the adoption rate continues, XRP could reach the $1 mark this year. A wider bullish sentiment in the wider crypto market could push this price target higher, and we could see the crypto surpassing its all-time high of $3.84 this year.
According to a Wall Street expert, XRP has a promising future as it meets all the criteria that make it a good investment.
This News Article was automatically generated by Bob the Bot (AI)
| Information | Details |
|---|---|
| Geography | Asia |
| Countries | |
| Sentiment | positive |
| Relevance Score | 1 |
| People | Chris Larsen |
| Companies | Binance, XRP Ledger, Tradingview.com, Ripple, XRP scan, Upbit |
| Currencies | XRP |
| Securities | None |
