XRP Price Set To Recover Amid Escalating Number of Holders 

The XRPLedger (XRPL) network has continued to expand as total wallets holding XRP recently made history, triggering bullish speculations on the sixth-largest cryptocurrency. 

Interest in XRP has remained high despite its plummeting price in recent weeks. This is, particularly, evident in the rising number of wallets holding the XRPL native token and massive accumulations from crypto whales. 

XRP Holders Surpass 5 Million

As revealed by the behaviour analysis platform Santiment, total XRP wallets surpassed the 5 million mark on January 27 for the first time in history. At the time of the update, the XRP Ledger recorded exactly 5.02M and counting unique non-zero XRP wallets. 

Notably, this positive development took more than 10 years since XRP went live for public trading to occur. According to Santiment data, the development indicated that non-zero XRPL wallets have tripled since May 19, 2019, as well as doubled since February 10, 2021. 

📈 #XRPLedger now has 5.02M distinct wallets that hold more than 0 $XRP coins, the most in its now 10+ years of public trading years. The #6 asset in #crypto by market cap has more than doubled such wallets in 3 years (+104%) as the network expands. https://t.co/YZBcHsOuSS pic.twitter.com/o0m6PKE0Re

— Santiment (@santimentfeed) January 27, 2024

It bears mentioning that this massive growth in XRP wallets happened six months after the sixth-largest cryptocurrency by market capitalization gained regulatory clarity in the United States. 

See Also: XRP Gains Approval From Dubai Financial Services Authority

XRP’s Price Outlook 

After reclaiming the $0.92 level in July 2023, XRP entered a downtrend that took its price down to $0.4226 in the subsequent month. Remarkably, the Ripple-backed crypto project later regained momentum in 2023 Q4 and rallied to $0.75.

However, bears overpowered bulls at this level and pushed XRP’s price down until it rebounded at $0.496 on Tuesday. Coupled with the sell-the-news event that occurred in the crypto market post-ETF approval, the coin has been underperforming in the past weeks. 

While the recent growth on the XRPL network and buzz around XRP ETFs has failed to impact the price of the leading crypto asset, analysts predict XRP’s price to reach $0.75 in the coming weeks or months.

However, this is dependent on the cryptocurrency holding its crucial support at the $0.4226 level. Should this crucial support level be broken, XRP’s price could plummet to the $0.35 region. 

With a market cap of over $28B, the XRPL native token is changing hands at $0.53 at press time. The asset is down -3.8% and -16% in the past 7 and 30 days, respectively. 

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