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XRP Achieves New Milestone of 5.2 Million Active Wallets

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Fri, 3/05/2024 - 10:52
XRP Achieves New Milestone of 5.2 Million Active Wallets
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On-chain analytics firm Santiment has highlighted growth in nonempty XRP wallets. In a tweet, Santiment compares the growth of nonempty wallets among top market caps in the past six months, presenting the net change in this metric within the specified time frame.

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The number of nonempty wallets holding XRP soared to an astounding 5.2 million within the last six months, representing 7% growth. According to XRP Ledger services, an XRP Ledger explorer, the current count for accounts on XRP Ledger is 5,183,760, which holds a massive 59,778,941,576 XRP. Out of these numbers, a meager 1,939 addresses had zero balances. 

The growth in nonempty wallets might suggest the influx of new users and investors entering the XRP ecosystem. 

As XRP gains traction as a mainstream asset, more people want to buy and hold XRP tokens, which leads to an increase in the number of active wallets.

A rising number of newcomers are joining the XRP ecosystem. Ripple CEO Brad Garlinghouse expressed excitement at the increase in the amount of XRP community-led events this year, including the XRP Gold Coast event in March, as well as the XRP Las Vegas and XRPL apex. Garlinghouse expressed excitement about additional native capabilities for projects built on the Ledger, signaling that momentum is increasing. 

XRP Ledger sees surge of dormant token move

According to Santiment, XRP Ledger has seen a large movement of dormant tokens to start the month of May. The Token Age Consumed metric shows that this is surprisingly similar to the spike in old coins being moved seen on April 13, just before markets tanked and XRP dropped -16% in value.

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This time around, however, there is an argument that this old coin movement is related to potential buy-the-dip interest from key stakeholders, and prices have been rising somewhat since the May spike.

Likewise, open interest on exchanges has reached a three-week high. On May 2, XRP's total open interest on exchanges reached $483.4 million, the most since April 13.

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