According to blockchain analytics company Santiment, the XRP Ledger has now registered a new milestone in the number of active wallets on its network, which indicates a rise of interest in the XRP token over the last few years. XRP, which is one of the most prominent coins in the crypto space, has been a major headliner in recent weeks amidst discourse of a potential spot ETF and several bullish predictions by analysts.
XRP Ledger Doubles Adoption Numbers In Two Years
Through an X post on January 27, Santiment shared that the XRP Ledger has now recorded 5.02 million individual wallets holding more than 0 XRP. According to the analytics company, this figure represents the highest value of holders in the last 10 years.
More data from Santiment also revealed that this development means the number of XRP holders has doubled from February 10, 2021, and tripled from May 29, 2019, representing a massive leap in XRP adoption levels in the past years.
📈 #XRPLedger now has 5.02M distinct wallets that hold more than 0 $XRP coins, the most in its now 10+ years of public trading years. The #6 asset in #crypto by market cap has more than doubled such wallets in 3 years (+104%) as the network expands. https://t.co/YZBcHsOuSS pic.twitter.com/o0m6PKE0Re
— Santiment (@santimentfeed) January 27, 2024
Interestingly, the XRP Ledger could register more adoption milestones in the future driven by certain determinants. One such potential factor is the eventual settlement of the ongoing court case between Ripple and the US Securities and Exchange Commission (SEC).
In a viral YouTube video on January 26, the price prediction channel “Discover Crypto” shared a commentary on the SEC v. Ripple case and described the long-running court case as a “black cloud” responsible for an investor’s skepticism towards XRP.
The host of the YouTube channel stated that a final settlement of the case, even with the imposition of a fine on Ripple, would still result in a significant rise in the price and adoption of XRP as it would spell the end of the three-year debacle.
Another factor that could potentially boost numbers on the XRP Ledger is the introduction of spot exchange-traded funds (ETF). Following the SEC’s approval of the Bitcoin spot ETF in January, there have been speculations regarding similar investment products for other cryptocurrencies, including XRP.
However, the dream of an XRP spot ETF appears far-fetched, with certain conditions lacking. According to Bloomberg analyst James Seyffart, these conditions include the settlement of the SEC v. Ripple lawsuit as well as the introduction of XRP future ETF on a regulated trading platform. Nevertheless, an XRP spot ETF would represent mainstream adoption of the crypto asset and drive up the number of investors on the XRP Ledger.
XRP Price Overview
At the time of writing, XRP trades at $0.53, reflecting a 0.1% decline in the last day. The sixth-largest cryptocurrency has been on a downward trend in recent weeks, with a decline of 3.6%, 7.0%, and 15.5% in the last seven, 14, and 30 days, respectively.
XRP trading at $0.5345 on the daily chart | Source: XRPUSDT chart on Tradingview.com
Featured image from BBC, chart from Tradingview