XRP Adoption Still in Early Stages with Rising Interest
Recent data indicates that the adoption of XRP, Ripple’s native token, is still in its early stages. Over 3.6 million wallets hold less than 500 XRP, which is equivalent to around $240 at current rates. The majority of these addresses hold between 20 and 500 tokens, while the rest own up to 20 coins, which is less than $10.
About 17% of the total 4.8 million XRP wallets were created since the beginning of 2023, suggesting a growing interest in the token. This increased appetite for XRP may be influenced by Ripple’s recent success in its court dispute with the US Securities and Exchange Commission (SEC).
Accumulation by Sharks and Whales
While most investors have relatively small holdings of XRP, there has been significant accumulation by large investors known as “sharks” and “whales.” These investors currently own almost $7.9 billion worth of XRP, which represents almost 27% of the total circulating supply. In October 2022, before the FTX meltdown, these investors held $7.16 billion worth of XRP.
Optimistic Outlook for XRP
Analysts are optimistic about the future value of XRP for several reasons. Firstly, Ripple’s consecutive court victories against the SEC have boosted confidence in the token. Additionally, there is speculation that an overall crypto bull run may occur next year. Furthermore, if vital elements such as new banking collaborations, favorable macroeconomic conditions, market trends, and technological developments align, XRP could thrive in 2024.
Hot Take: Factors Driving XRP’s Potential
The adoption of XRP is still in its early stages, with rising interest reflected in the increasing number of wallets holding the token. Large investors, or “sharks” and “whales,” have been accumulating XRP, indicating confidence in its future value. Ripple’s court wins against the SEC have further contributed to the positive outlook for XRP. Analysts believe that factors such as banking collaborations, market trends, and technological advancements will play a crucial role in determining XRP’s success. With these factors considered, XRP has the potential for significant growth in the coming years.
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