XRP Seeing Parabolic Growth in Wallets Amid 253% Gain

by

As an analyst with over two decades of experience in the ever-evolving world of finance and technology, I find myself intrigued by the recent surge in XRP‘s growth. The increase in nonempty wallets and the significant yearly price rise suggest a renewed investor interest, which is always a promising sign for any asset class.

The digital currency XRP, which ranks fourth in terms of market capitalization among cryptocurrencies, has observed an uptick in both its value and the number of individuals holding it. Notably, there’s been a substantial surge in active XRP wallets; as per data from on-chain analytics provider Santiment, this rise is followed by a sustained upward trend in Ethereum wallets, indicating a remarkable two-year expansion within the crypto sphere.

Over the past two years, it’s been observed that there has been significant expansion in the number of individuals owning cryptocurrencies across various sectors. This upward trend is evident in the swelling count of active wallets for the top four cryptocurrencies based on market capitalization:

🌐 Over the past two years, there’s been a significant surge in the number of individuals owning cryptocurrencies. Here are the current figures for active wallets, focusing on the top four cryptos by market capitalization:

— Santiment (@santimentfeed) December 23, 2024

In just over a year, XRP saw a 28% jump in wallet usage, adding approximately 5.75 million new accounts. This growth in active wallets appears to be mirrored by an increase in the value of XRP. As per CoinGecko statistics, the price of XRP has experienced a yearly surge of 253%, suggesting growing investor enthusiasm for this cryptocurrency.

Currently, at this moment, the value of XRP has decreased by 2.78% within the past 24 hours, landing at approximately $2.19. This drop mirrors continuous selling activity seen across the cryptocurrency market.

XRP wallets grow amid regulatory clarity, network growth

Based on data from Santiment, there was a significant surge in the number of XRP wallets starting October 18th, which appears to mirror an improvement in the clarity surrounding XRP’s regulatory standing and a spike in on-chain activity.

In October, the Securities and Exchange Commission (SEC) declared their intention to contest the court ruling which classified certain past XRP distributions by Ripple as securities. It’s crucial to note that this appeal doesn’t challenge the court’s determination made in July 2023, stating explicitly that XRP isn’t a security on its own. Instead, the SEC is challenging the decision about specific XRP distributions made by Ripple, not XRP as a currency.

During the same month, Ripple submitted a document known as Form C, detailing the points it plans to present during its cross-appeal.

As a seasoned crypto investor, I noticed a remarkable resurgence in on-chain activity during the third quarter, following a dip in May and June. This growth was nothing short of exceptional, with the number of successful transactions more than doubling those from the previous quarter, primarily driven by microtransactions under 1 XRP.

Read More

2024-12-23 15:23