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XRP, the fourth largest cryptocurrency by market capitalization, has experienced growth in its price and number of holders. XRP has seen a significant increase in nonempty wallets; according to on-chain analytics firm Santiment, the huge recent increase in XRP wallets, followed by a steady record rise in Ethereum wallets shows a massive two-year crypto growth.
Santiment noted that the past two years had witnessed substantial growth in the number of cryptocurrency holders across the board. This trend is reflected in the growing number of nonempty wallets for the top four cryptocurrencies by market capitalization: Bitcoin (BTC): 54.7 million wallets, marking a 27% rise; Ethereum (ETH): 134.9 million wallets, with a 47% increase; and Tether (USDT): 6.57 million wallets, showing a 66% rise.
XRP expanded by 5.75 million wallets, representing 28% growth. The trend of increasing nonempty wallets coincides with a rise in XRP's price. According to CoinGecko data, the price of XRP has increased by 253% yearly, indicating a significant rise in investor interest.
Tomiwabold OlajideAt the time of writing, XRP was down 2.78% in the last 24 hours to $2.19, reflecting the ongoing selling on the crypto market.
XRP wallets grow amid regulatory clarity, network growth
According to Santiment, on Oct. 18, XRP wallets began to increase at a parabolic rate. This correlates with increased clarity on XRP's regulatory status and a boom in on-chain activity.
In October, the SEC announced its intention to appeal the court's decision that certain prior XRP distributions by Ripple were securities. Importantly, the SEC appeal was not about whether XRP, in and of itself, is a security. The court found in Ripple's favor in July 2023, stating unequivocally that XRP is not a security — and the SEC is not appealing that decision.
In the same month, Ripple filed its Form C, outlining the arguments it intends to bring in its cross-appeal.
On-chain activity returned from a fall in May and June, with Q3 showing exceptional growth, with the number of successful transactions more than twice those of Q2. The increase was mostly due to microtransactions (<1 XRP).
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