XRP, a well-known cryptocurrency in the crypto industry, has achieved a significant milestone by reaching over 5 million wallets holding close to 60 billion XRP tokens. This indicates a notable increase in adoption during a thriving digital asset market.
According to data from XRPL Services, a leading XRP Ledger explorer, the number of XRP wallets has surpassed 5 million, currently totaling 5,090,851. These wallets collectively hold an impressive sum of 59.87 billion XRP tokens, with only 1,595 reported to have zero balances.
The surge in adoption can be attributed to a significant legal development in 2023. A US judge ruled that XRP was not considered a security when sold to retail investors, although it was deemed a security when sold to institutional investors. This clarification by Judge Analisa Torres has instilled confidence in XRP among investors, contributing to its growing popularity.
Despite facing regulatory challenges and legal uncertainties, XRP has demonstrated resilience in the market. In the past week alone, XRP has increased in value by 6.7%, and it has experienced an impressive surge of 65.9% over the past year. However, compared to other tokens like Solana (SOL), which saw a 641% increase in the same period, XRP’s performance may appear relatively subdued.
Numerous analysts have predicted a bullish trajectory for XRP, with some foreseeing a potential price surge in the near future. A well-known crypto trader, CoinsKid, has proposed a “blow-off top theory,” suggesting that XRP could skyrocket to $2 by July. These projections have captured the attention of the crypto community, fueling optimism among XRP enthusiasts.
Alongside price speculation, discussions regarding the possibility of an XRP exchange-traded fund (ETF) have emerged. Ripple CEO Brad Garlinghouse has expressed openness to the idea, emphasizing that an XRP ETF would legitimize the cryptocurrency’s position in traditional finance. This comes after the recent approval of eleven spot Bitcoin ETF applications in the United States, indicating a growing acceptance of digital assets in mainstream financial circles.
