The number of XRP token holders with at least one million tokens on the cryptocurrency’s ledger has recently exceeded 1,900, as an accumulation trend triggered earlier this month gains momentum, buoyed by a surge in investor sentiment.
On-chain data reveals that there are now 1,988 XRP wallets holding at least one million XRP, and of these, 1,451 wallets, accounting for 72% of the total, boast balances ranging between 1 million and 5 million XRP. Collectively, these wallets hold an astounding 2.69 billion XRP, translating into a valuation of $2.08 billion.
Additionally, the data highlights 172 wallets holding between 5 million and 10 million XRP, with an aggregate of 1.19 billion tokens. Furthermore, there are 150 wallets with balances between 10 million and 20 million XRP, and 56 wallets holding quantities of XRP ranging from 100 million to 500 million.
However, wallets holding more than 500 million XRP have not seen a significant increase. Currently, there are 23 wallets with balances spanning from 500 million to 1 billion XRP, and only four accounts that exceed 1 billion XRP, likely attributed to exchange wallets.
The total number of wallets holding XRP has shown a recovery, reaching 4,705,298, following a mid-June low of 4,659,167, which was partly influenced by the deletion of over 85,000 XRP wallets by Poloniex.
Remarkably, the XRP token’s trading volume has skyrocketed to surpass that of the flagship cryptocurrency, Bitcoin ($BTC). Ripple’s Chief Technology Officer, David Schwartz, highlights that XRP’s volume as a percentage of market capitalization is four times that of BTC.
Several analysts have expressed a bullish outlook on the cryptocurrency, with one popular analyst predicting the cryptocurrency’s price to explode to $6. Similarly, analyst Michaël van de Poppe focused on XRP, envisioning a potential downward adjustment to approximately $0.65. However, he believes this dip could set the stage for a bullish resurgence, potentially driving XRP’s value to a high of $0.90.
The increasing number of XRP token holders with million-token balances signifies a growing interest in the cryptocurrency, fueled by positive investor sentiment. The surge in XRP’s trading volume and optimistic price predictions further contribute to the positive outlook for this digital asset. As the market continues to evolve, XRP’s performance will undoubtedly remain under the spotlight, attracting both seasoned and new investors to the exciting world of cryptocurrencies.