XRP Ledger Nearing Major Milestone in Total Accounts
The XRP Ledger, a decentralized public blockchain, is experiencing a surge in adoption as it approaches a significant milestone in its total count of accounts. According to data from the blockchain’s official website, the ledger is on the verge of reaching 5 million total accounts, with the current count at 4,813,296.
Alongside this milestone, the number of XRP tokens held in these accounts has also increased and is approaching the 60 billion mark. Additionally, the total number of account reserves is currently at 48,132,960.
Impact on XRP Price
This impending milestone has sparked speculation about how it will impact the price of XRP. While the ledger’s achievements demonstrate strength and promise, other factors such as market sentiment, supply and demand, and regulatory developments also contribute to price fluctuations.
Notably, the ledger recently achieved another milestone with its increased Ledger index. As reported by XRP chain explorer XRPScan on Twitter, the ledger index surpassed 83 million after reaching 82 million in late August 2023.
Potential Price Surge for XRP
XRP’s recent unique circumstances could position it favorably compared to other cryptocurrencies in the market recovery. These circumstances include extended bear accumulation periods, recent victories over the US SEC, partnerships with Ripple, and adoption by financial institutions.
For example, Japan-based payment giant SBI Remit launched an extensive XRP-based international money transfer service in September 2023. This partnership with Ripple and SBI Ripple Asia aims to facilitate remittance services in Vietnam, the Philippines, and Indonesia.
In addition, luxury car brand Ferrari announced that it now accepts cryptocurrencies like XRP for car purchases. These developments highlight XRP’s growing acceptance and may contribute to its price growth.
Hot Take: XRP Shows Resilience Amidst Market Challenges
The XRP Ledger’s progress and increasing adoption demonstrate its resilience despite the challenges faced by the crypto market. While the achievement of milestones like reaching 5 million accounts is promising, it remains to be seen how these accomplishments will directly impact the price of XRP. Other factors, including market sentiment and regulatory changes, play a significant role in determining the token’s value. Nevertheless, XRP’s unique circumstances, such as partnerships and acceptance by major companies like Ferrari, suggest potential growth for the cryptocurrency.
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