XRP Has Now Surpassed 4.6 Million Total Wallet Addresses

March 3, 2023 3:52 pm Comments

Despite the ongoing lawsuit between Ripple and the SEC, the data has just revealed that XRP has now surpassed 4.6 million total wallet addresses.

This is a significant milestone for the crypto project and indicates that the XRP ecosystem is continuing to grow at a rapid rate despite the legal obstacles.

The growth is likely driven by the ongoing demand for XRPL based solutions in other regions outside the US, especially the high demand for Ripple’s On-Demand Liquidity Solution.

Growth of wallets that contain XRP have skyrocketed especially in the last 24 hours as the metrics show that XRP has been acquired by around 38,000 different wallets in this time.

For comparison, there is barely any other crypto asset that has been able to achieve this growth during this crypto bear market.

Watcher.guru reports:

Alternatively, XRP is currently sitting at a price of $0.38, according to Messari’s data. Specifically, sitting in a 24-hour range of around $0.379, and maintaining a market cap of $19.45 billion.

Conversely, those prices could be affected by the looming legal ruling of the Ripple case.

The increased address acquisition of XRP could be related to optimism regarding the case. As the SEC has recently been ordered to unveil the Hinman Speech documents, a ruling could be in play in the next month.

Conclusively, acquiring the crypto could be a good investment as we enter into a crucial March for the token.

Investors believe the number to continue to grow regardless of the outcome of the Ripple vs SEC lawsuit.

After all, the crypto project is based on blockchain and blockchain does not have any geographic boundaries.

With that being said, a lot is still at stake on this lawsuit as many predict that this will be a foundational case that will determine how most crypto assets will be categorized within the US.

If Ripple ends up winning in the end, it would present an extremely bullish case for both Ripple as well as the crypto industry as a whole.

As of right now, XRP is still considered the 6th largest asset when measured by market cap and has recently been on an upward recovery trend.

Investing.com concludes:

With these legal actions, the number of wallet addresses holding Ripple’s native token, XRP, has now reached 4,600,000. Moreover, according to Messari’s released statistics, over 38,000 unique addresses have now purchased the token in question within the last day.

According to CMC (NS:CMC), the current price of XRP is $0.37. With a market worth of $19.28 billion, it has been trading at a range of around $0.379 during the last 24 hours. On the other side, the impending verdict in the Ripple case may have an impact on those values.

One possible explanation for the influx of new XRP addresses is rising confidence in the outcome of the lawsuit. A decision may be made within the next month since the SEC was just compelled to provide the Hinman Speech records. For this reason, as we approach a pivotal March for the token, buyers are showing interest.

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