Accounts On XRP Ledger Close to 5 Million Mark
Since Judge Analisa Torres ruled that programmatic XRP sales do not qualify as securities, the token has been experiencing growth. Currently, the number of accounts on the XRP Ledger is rapidly increasing and is nearing the 5 million mark. According to data from XPR Ledger Services, there are currently 4,781,844 million accounts on the ledger.
The data also reveals that only 1,116 accounts on the ledger have a balance of zero, which accounts for only 0.023% of the total XRP holder base.
Out of the total 100 billion XRP supply, 58.6% is held in holder accounts, while 41.3% is still held in escrow. The amount held in escrow is released periodically until the total supply is exhausted. Additionally, there are significant amounts of XRP tokens held as reserves.
Impact on XRP Price
The increasing number of accounts on the XRP Ledger indicates growing interest from crypto investors. This rise in interest leads to an increase in demand for the XRP token, which can potentially drive up its price.
Analysts have made bullish predictions about the future price of XRP. Some forecasted a price as high as $500, citing Ripple’s dominance in the cross-border payments sector by 2027. Another prediction set the price at $10,000 based on Ripple’s expanding market share in payments. A more conservative estimate placed the token’s price at $130 after it formed a unique triangle pattern on its chart.
Despite these optimistic forecasts, the current XRP price struggles to surpass the $0.5 resistance level. It is currently trading at $0.49 with modest gains on the daily chart. However, there is a more significant 5.52% gain on the weekly chart.
Hot Take: XRP Price Relies on Growing Interest and Bullish Predictions
With the number of accounts on the XRP Ledger approaching 5 million, there is a clear indication of increasing interest from crypto investors. This heightened interest could lead to a surge in demand for the XRP token, potentially driving up its price. Analysts have made bold predictions about the future price of XRP, with some foreseeing prices as high as $500 or even $10,000. Despite these positive forecasts, the current XRP price struggles to break through the $0.5 resistance level. It remains to be seen whether growing interest and bullish predictions can push XRP beyond its current trading range.
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