XRP addresses a rise of at least $100,000 above 13,000
A chart from Coin Metrics shows a sharp increase in these addresses since the start of the year.
XRP is gradually gaining renewed interest from investors, as evidenced by an increase in wallet addresses. In particular, XRP addresses that have at least $100,000 in assets have seen a steady increase recently, having risen above 13,800 this year.
A pseudonymous XRP follower first called attention to this bullish metric in a recent tweet, citing data from a Coin Metrics chart.
The chart reveals a rapid increase in the number of addresses with at least $100,000 worth of XRP since the beginning of the year. The gradual increase in these addresses mirrors the pattern observed in early 2021, which coincided with XRP’s rally to a high of $1.96 in April of that year. This happened despite the US SEC’s charges that surfaced in December 2020. After the local peak in 2021, these addresses began to decline, indicating a massive distribution campaign. After an erratic pattern observed between 2021 and 2022, addresses fell below 8,000 in mid-2022. The latest upswing followed shortly, but picked up speed this year.
As a result of the rise, these addresses have now increased to 13,871, per data from Messari, a crypto intelligence resource. Additionally, Messari indicates that addresses with at least $1 million in XRP have also increased to 1,160, with addresses with at least $10 million at 316.
XRP addresses on track to reach 5M
In addition, the total number of XRP addresses is currently 4.66 million, having increased by over 320,000 since meeting the 4.3 million milestones in October last year. Messari noted last month that the Ripple network is on track to host 5 million wallet addresses.
Why XRP addresses are rising
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This address increase has become more dominant amid XRP’s recent rally, which has boosted its asset by over 38% in the past month. As before reportedover 50 whale addresses with 10 million and 100 million XRP were added to the network at the end of last month as the price increase gained momentum.
Also, the XRP army expects a Ripple victory over the SEC in the lawsuit, attracting worldwide investors as the XRP price could explode if Judge Torres rules in favor of Ripple.
Meanwhile, XRP has managed to regain the $0.51 price point after falling below it two days ago. According to analyst Egrag, the asset need to close above the $0.50 price point on the weekly time frame for its rally to $1 to materialize. XRP is currently trading at $0.512, up 1.79% in the last 24 hours.
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