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HomeCrypto NewsMarketXRP Records Fastest Addresses Rise in History as Under 100 XRP Addresses Shot Up 11.6% in 2 Months

XRP Records Fastest Addresses Rise in History as Under 100 XRP Addresses Shot Up 11.6% in 2 Months

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Price upticks have not been the only bullish event in the XRP ecosystem in the past two months; the number of retail addresses has recorded its fastest historical growth.

Prominent market intelligence platform Santiment highlighted this bullish on-chain activity in a Thursday tweet. It noted that the surging traction towards XRP has seen the XRP Ledger record its fastest small wallet surge in its over 14-year history.

Surging XRP Accumulation Among Small Wallets

This growing accumulation did not subside while XRP dipped on Monday. For context, the crypto asset briefly capitulated to $2.6544 on the day but has rebounded over 16% since then.

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Specifically, the number of wallets holding under 100 XRP has grown at its most sustainable and rapid rate in the ecosystem’s history. Per Santiment, this caliber of holders has ballooned 11.6% in the past two months amid surging prices.

The commentary further revealed that addresses with less than 100 XRP now control 4.34 million non-empty wallets on the XRP Ledger. This impressive number accounts for about 71.5% of the 6.07 million total wallets on the XRPL network.

Surge in Under 100 XRP Holders

Interestingly, XRP has extensively rewarded the growing traction with a nice pump. Specifically, the asset has surged over 85% during the two months of rapid wallet growth, swinging from under $2 to $3.39 before relinquishing some of its gains.

Market Top?

Meanwhile, Santiment clarified an inquiry if the retail influx into the XRPL network indicated that the asset has topped. For perspective, history suggests that retail presence signals a bull cycle is nearing its peak.

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The firm highlighted that although such accrual might indicate FOMO, the bullish events in the XRP ecosystem suggest the asset is fairly valued. Notably, positive occurrences like the launch of the Ripple USD (RLUSD) stablecoin and growing institutional appetite for the XRP, evident in the increasing exchange-traded funds (ETFs) filing, have spurred its meteoric rise.

Nonetheless, analysts expect these unfolding events to spur further upsides. For instance, market analyst Egrag recently speculated that XRP will attain a realistic value of $31.

In the meantime, XRP trades at $3.0898, down nearly 2% in the past day.

DisClamier: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.

Author

Elendu Benedict
Elendu Benedict
Elendu Benedict is a refined cryptocurrency writer with over two years of experience in the field. With a thorough understanding of blockchain technology, cryptocurrencies, and market trends, as well as proficiency with ETFs, DeFi, and Web3, he specializes in writing engaging and educational articles on a variety of crypto-related subjects.

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