New All-Time High: Surge in Non-Zero XRP Wallets
Data from crypto analytics firm Santiment reveals a significant increase in the number of wallets holding XRP, the digital asset used by Ripple Labs’ payments platform. The number of wallets holding non-zero XRP has more than doubled since February 2021, reaching an all-time high. Currently, there are 5.02 million distinct wallets holding XRP, marking a 104% growth over the past three years as the network expands.
Decline in Bitcoin Wallets Signals Positive Trend
Santiment also notes that Bitcoin wallets are experiencing their fastest decline since early October. This decline is viewed as a positive sign for Bitcoin, indicating that newer traders are cutting their losses. Over the past four days alone, more than 487,000 wallets holding one BTC or less have been liquidated. Historically, this type of capitulation has led to a market price bounce and renewed optimism among smaller traders.
Current Prices
At the time of writing, XRP is trading at $0.532 with a slight increase over the past 24 hours. Bitcoin is trading at $42,500, reflecting a 1.59% increase during the same period.
Hot Take: Growing Interest in XRP Wallets and Bitcoin’s Positive Sign
The surge in non-zero XRP wallets indicates growing interest and adoption of the digital asset. With the number of wallets doubling in just three years, it demonstrates increasing confidence in XRP and its use within Ripple’s payment ecosystem.
On the other hand, the decline in Bitcoin wallets suggests that newer traders are exiting the market and cutting their losses. This trend has historically preceded a market price bounce and a renewed sense of optimism among smaller traders. These developments highlight the dynamic nature of the crypto market and the importance of monitoring wallet activity as a key indicator of investor sentiment.
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