XRP Wallets Reach New Milestone as Experts Predict Strong Performance
The number of wallets holding the native token of the XRP Ledger, XRP, has surpassed 5 million, marking a significant increase from last year’s figure of 4 million. This growth in wallet addresses indicates a rising user base on the network, coinciding with the broader recovery of the cryptocurrency market. Bitcoin, for example, recently crossed the $45,000 mark for the first time since March 2022.
Furthermore, XRP transactions have experienced a surge, consistently surpassing 5 million since the beginning of the year. This uptick in activity signals the growing adoption of the cryptocurrency. Notably, XRP’s price has risen by approximately 65% in the past year.
A cryptocurrency analyst suggests that XRP’s rally may continue, potentially pushing its value up to $27 per token. This significant increase follows Ripple’s recent successes in legal battles against the U.S. Securities and Exchange Commission (SEC).
In 2020, Ripple faced a lawsuit from the SEC, who accused it of violating U.S. securities regulations through the sale of XRP without proper registration. Judge Analise Torres ruled that XRP was indeed a security when sold to institutional investors, but not when sold to the general public. Her reasoning was that institutional investors likely understood the security-like characteristics of XRP, while this information may not have been readily available to those who acquired XRP through cryptocurrency exchanges.
A popular cryptocurrency analyst has also suggested that XRP could outperform Bitcoin by surging as much as 1,500% against it if it breaks through a key level. The analyst believes that it is only a matter of time before XRP makes a substantial move against the flagship cryptocurrency, potentially outperforming it by a wide margin.
Another prominent analyst recently predicted an imminent “parabolic move” for XRP based on a rare bullish pattern observed on its price charts.
Overall, the growth in XRP wallets, combined with positive legal developments and bullish predictions from experts, indicate a promising future for the cryptocurrency.