With XRP price constantly rising to greater heights, the average retail investor might be increasingly finding it difficult to purchase a considerable amount.
Notably, XRP rode on the latest broader market uptrend, posting some of the largest gains among mainstream crypto assets. While Bitcoin (BTC) claimed new all-time highs above $123,000, XRP and other altcoins failed to reach new peaks. However, most of them still outperformed the crypto firstborn.
XRP Surges Remarkably
For instance, this month alone, XRP has increased over 54%, and is on track to record its largest monthly gain this year. Meanwhile, Bitcoin is only up 9.41% this month, far below XRP’s 54% spike. With this impressive gain, XRP has held strong above the $3 psychological mark, now trading at $3.48.
Interestingly, while this development has yielded gains for existing investors, it has equally made it more difficult for aspiring ones to enter the market at scale. For perspective, data from the community-driven XRP Rich List shows that the lowest tier on the list, the Top 10, requires an investor to hold at least 2,446 XRP.
Can the Average Wage Earner Afford 2,446 XRP?
However, at the current price of $3.48, these 2,446 XRP tokens are now worth a little above $8,500. This is inaccessible for most average earners. For context, a survey from earlier in the year revealed that most Americans have less than $2,000 in savings.
Specifically, only 25% have $2,000 or more in savings. Meanwhile, 21% have between $1 and $250, and a whopping 19% have no savings at all. Further, about 11% have between $250 and $500 in savings. This entails that most Americans cannot purchase up to 2,446 XRP from their savings without topping up capital.
Also, topping up capital could be challenging for the average American. Data reveals that the average monthly salary for an American is around $5,500. Meanwhile, some estimates put the average monthly expense for an individual in the U.S. at $4,641. As a result, the average American would need to save for nearly ten months just to buy 2,446 XRP.
Further, in countries like the UK, the story is similar and much worse. The average UK resident earns around £2,800 a month while spending about £2,600 within the same period. As a result, such an individual would need to save for over two years to be able to afford 2,446 XRP worth £6,309.
Not Too Late
However, this was not the case a year ago. With XRP trading for around $0.49 in July 2024, the average American earner would have procured 2,446 XRP, worth around $1,200, with less than two months of savings. In addition, the average wage earner in the UK would have required just around four months of savings.
Despite this, several market commentators believe the market is still early and investors should get in with whatever they can afford. These pundits expect XRP to surge beyond the current price of around $3.48 to greater heights that even modest holdings today could be worth fortunes then.
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.
