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The count of XRP token holders possessing at least one million tokens on the cryptocurrency’s ledger has recently surpassed 1,900, as a trend of accumulation initiated earlier this month gains traction, supported by an increase in investor enthusiasm.
On-chain analytics indicate that there are currently 1,988 XRP wallets containing at least one million XRP, with 1,451 of these wallets, representing 72% of the total, holding balances between 1 million and 5 million XRP. Together, these wallets possess an impressive 2.69 billion XRP, equating to a value of $2.08 billion.
Moreover, the data points to 172 wallets that hold between 5 million and 10 million XRP, accumulating a total of 1.19 billion tokens. Additionally, there are 150 wallets with balances ranging from 10 million to 20 million XRP, and 56 wallets that contain amounts of XRP between 100 million and 500 million.
Conversely, wallets with holdings exceeding 500 million XRP have not experienced a notable rise. At present, there are 23 wallets with balances from 500 million to 1 billion XRP, and merely four accounts that surpass 1 billion XRP, likely linked to exchange wallets.
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The overall number of wallets holding XRP has shown signs of recovery, reaching 4,705,298, following a low of 4,659,167 in mid-June, which was partially due to the removal of over 85,000 XRP wallets by Poloniex.
Notably, the trading volume of the XRP token has surged to exceed that of the leading cryptocurrency, Bitcoin ($BTC). Ripple’s Chief Technology Officer, David Schwartz, emphasizes that XRP’s volume as a proportion of market capitalization is four times greater than that of BTC.
Numerous analysts have conveyed a positive outlook on the cryptocurrency, with one well-known analyst forecasting the price of XRP to soar to $6. Similarly, analyst Michaël van de Poppe has focused on XRP, anticipating a possible decline to around $0.65. Nevertheless, he believes this dip could pave the way for a bullish rebound, potentially elevating XRP’s value to a peak of $0.90.
The rising number of XRP token holders with million-token balances indicates an increasing interest in the cryptocurrency, driven by favorable investor sentiment. The spike in XRP’s trading volume and optimistic price forecasts further enhance the positive perspective for this digital asset. As the market continues to develop, XRP’s performance will certainly remain in the limelight, drawing both experienced and new investors to the dynamic realm of cryptocurrencies.
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