XRP Addresses Holding at Least $100K Surge Above 13K

A chart from Coin Metrics shows a sharp increase in these addresses since the start of the year.

XRP is gradually garnering renewed interest from investors, as evidenced by a surge in its wallet addresses. Notably, XRP addresses holding at least $100K worth of the asset have seen a steady increase recently, having surged above 13,800 this year.

A pseudonymous XRP proponent first called attention to this bullish metric in a recent tweet, citing data from a Coin Metrics chart.

The chart reveals a rapid uptick in the number of addresses holding at least $100K worth of XRP since the start of the year. The gradual upsurge in these addresses mirrors the pattern observed in early 2021, which coincided with XRP’s rally to the high of $1.96 in April of that year. This occurred despite the U.S. SEC’s charges which sprang up in December 2020. Following the local top in 2021, these addresses started declining, indicating a massive distribution campaign. After an erratic pattern observed between 2021 and 2022, the addresses plummeted below 8,000 in mid-2022. The recent uptick followed shortly but gained momentum this year.

As a result of the uptick, these addresses have now increased to 13,871, per data from Messari, a crypto intelligence resource. Moreover, Messari indicates that addresses holding at least $1 million worth of XRP have also surged to 1,160, with addresses holding at least $10 million standing at 316.

XRP Addresses on Track to Hit 5M

In addition, the total number of XRP addresses currently sits at 4.66 million, having increased by over 320,000 since hitting the 4.3 million milestones last October. Messari noted last month that the Ripple network is on track to house 5 million wallet addresses.

Why XRP Addresses Rising

This address increase has become more dominant amid XRP’s latest rally, which has seen the asset gain by over 38% in the past month. As previously reported, over 50 whale addresses holding 10 million and 100 million XRP were added to the network late last month as the price rally gained steam.

Also, the XRP army is anticipating a Ripple win over SEC in the lawsuit, attracting worldwide investors as the XRP price may explode if Judge Torres rules in favor of Ripple.

Meanwhile, XRP has managed to reclaim the $0.51 price point after dropping below it two days ago. According to analyst Egrag, the asset needs to close above the $0.50 price point on the weekly time frame for its rally to $1 to materialize. XRP is currently trading for $0.512, up 1.79% in the past 24 hours.