According to a chart posted by Matt Cr on Twitter, the number of XRP addresses holding at least $100,000 worth of the cryptocurrency has surged above 13,000. This is a significant increase from just a few months ago when the number of such addresses was below 10,000.
#XRP addresses with USD balances >= $100K
👀👀👀👇@DigPerspectives @digitalassetbuy @drippyXRP @MarketsMickle @CryptoWendyO @sentosumosaba @WorkingMoneyCH @ThinkingCrypto1 @mollyelmore22 @cowboycrypto313 @Michael63140627 @paulbarrontv @freddyriz @NerdNationUnbox @EleanorTerrett pic.twitter.com/nChnRDlo0t— Matt Cr (@MJC_SD) April 5, 2023
The surge in the number of XRP addresses holding large amounts of cryptocurrency could indicate increasing interest in XRP among institutional investors and high-net-worth individuals. XRP is the native cryptocurrency of the Ripple network, which is used for cross-border payments and remittances.
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Deduction from the XRP Addresses chart
The chart reveals a rapid uptick in the number of addresses holding at least $100K worth of XRP since the start of the year. The gradual upsurge in these addresses mirrors the pattern observed in early 2021, which coincided with XRP’s rally to the high of $1.96 in April. This occurred despite the U.S. SEC’s charges which sprang up in December 2020. Following the local top in 2021, these addresses started declining, indicating a massive distribution campaign. After an erratic pattern observed between 2021 and 2022, the addresses plummeted below 8,000 in mid-2022. The recent uptick followed shortly but gained momentum this year.
The rise in large XRP holders comes amid a broader surge in the cryptocurrency market. Bitcoin, the largest cryptocurrency by market capitalization, has hit new all-time highs in recent months, and other cryptocurrencies have also seen significant gains.
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However, XRP has faced regulatory challenges in the United States, which has led to a decline in its value and trading volume. The U.S. Securities and Exchange Commission (SEC) has filed a lawsuit against Ripple, alleging that XRP is a security and that Ripple sold it without registering with the SEC.
Despite these challenges, some investors and analysts remain bullish on XRP, citing its potential for use in cross-border payments and its relatively low price compared to other cryptocurrencies.
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