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XRP is on a defined bullish rampage, perhaps not just in its price, but in different aspects that depict the protocol's growth. According to a prominent member of the XRP community on Twitter, @xspectDS, XRP has seen a massive surge in the total number of wallet addresses, with up to one million XRP tokens as a balance. According to the analysis, these addresses are now pegged at 1,900.
Yuri Molchan1/2 $XRP wallets with at least one million $XRP soared to 1900. $XRP wallets holding more than 100 million $XRP tokens have surged to 199. $XRP open interest currently at $1.2 billion, a 2-year high.
— DS 🪝🧬🟧 (@xspectDS) July 26, 2023
XRP remains one of the altcoins with the best performance thus far this year and, as observed, this impressive push is a function of whale activities. xspectDS also pointed out that whale XRP accounts with more than 100 million tokens have soared to 199 alongside the open interest in the coin, which is pegged at $1.2 billion at the moment, a figure representing its two-year high.
The positive fundamentals surrounding the XRP protocol at this time are big enablers for investors to renew their interest in the coin. As revealed, addresses on the XRP network are now more active, with total active addresses jumping by 23% in the past month and by more than 43%, when compared to this same time last year.
With these positive growths, the community might be swift to presume that an impending and renewed rally is imminent for XRP in both the short and long runs.
Tomiwabold OlajideSustained bullish triggers
Since December 2020 when the United States Securities and Exchange Commission (SEC) filed its lawsuit against Ripple Labs Inc, the past month represents its most significant as Judge Torres indicated that XRP in itself is not an investment contract.
Despite the plan by the market regulator to appeal the ruling, sentiment tied to the victory is bound to linger within the community for at least two years until another ruling is given, if at all.
The sustained sentiment will keep fueling growth in XRP while helping to maintain its resistance in times of unavoidable market rout.
Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available.
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