Ripple and XRP Adoption Soars: Over 4.95 Million Wallets Hold XRP in 2023

• Santiment’s recent update highlights a significant surge of 26% in the number of XRP wallets with balances greater than 0 XRP since January 2023.
• WhaleAlert reports a substantial transfer of 100 million XRP, valued at $56.35 million, initiated by Ripple to an undisclosed recipient.

In a recent update from Santiment, it has been revealed that the number of XRP wallets containing a balance greater than 0 XRP has witnessed a remarkable surge, escalating by 26% since January 2023. The latest data indicates a substantial increase in crypto enthusiasts, investors, and users holding XRP, with the count reaching an impressive 4.95 million.

This surge not only underscores the expanding XRP community but also points to an active engagement of participants within the XRP ecosystem. Santiment further emphasized that the network is undergoing substantial growth in the initial week of 2024, building upon the momentum established in the preceding year.

Notably, the surge in adoption is not exclusive to XRP, as Santiment’s observations also highlight a noticeable increase in the user base of Bitcoin adopters. This data suggests a broader trend of growing interest and participation in various crypto projects, reflecting the dynamic nature of the cryptocurrency market.

The count of non-zero Bitcoin (BTC) wallets has reached 52.63 million, marking a notable 32% growth over the past year. This growth rate surpasses the corresponding figure observed for XRP during the same period.

XRP Price Action

In a surprising development, WhaleAlert has identified a substantial transfer of 100 million XRP, valued at an impressive $56.35 million, initiated by Ripple to an undisclosed destination. The recipient, whose identity remains undisclosed and unaffiliated with Ripple, as confirmed by Bithomp and XRP Scan explorers, has been a consistent beneficiary of Ripple’s transactions. Accumulating over 112 million XRP since activation on October 2 of the preceding year, this recipient has been a recurring figure in Ripple’s transfers.

Following this sizable transfer, the XRP market witnessed a significant surge, resulting in a noteworthy 5% increase in the price chart. XRP reached a recent high of $0.582 during this peak. However, this bullish momentum proved fleeting, as the price rapidly retraced to pre-surge levels within a few hours.

In recent months, the XRP price has witnessed a noteworthy recovery, showcasing a robust bullish trend that propelled its value above the critical support level of $0.5500. This resurgence signals strong market confidence in XRP, attributed to its association with Ripple and its role in facilitating fast and cost-effective cross-border transactions.

Despite navigating a challenging market phase with struggles against bearish trends, XRP has encountered a dip below the $0.60 mark, currently standing at $0.554, marking a 2.75% decrease over the last 24 hours. However, it retains a substantial position in the cryptocurrency realm, maintaining its rank as the 5th largest market cap at $30 billion. The 24-hour trading volume has surged by 122% to $1.71 billion, indicative of heightened trading activity.

ETF Approval Can Lead to $1

Looking ahead, April 2024 holds significance for XRP, as major U.S. asset management firms, including Blackrock, reportedly gearing up to submit applications for XRP Exchange-Traded Funds with the Securities and Exchange Commission (SEC). The outcome of these developments may prove pivotal for XRP’s future trajectory in the cryptocurrency market. If so, the XRP price could quickly reach $1 and even further to its all-time highs this year.