The latest update of the XRP rich list shows that while the amount of XRP tokens necessary to reach the top 10% and top 1% has reduced, the capital for acquiring these tokens has increased.
Notably, this is largely due to XRP’s impressive surge in recent times, as it rallied with the broader crypto market to reach new yearly highs. For context, XRP soared rapidly to a peak of $3.66 in late July before pulling back as July came to a close. Despite the pullback, XRP still holds above $3, up 32% in the past month.
Amid the recent price movements, data from the community-driven XRP rich list resource shows that the amount of XRP tokens you need to hold as an individual to become part of the top 10% and the top 1% has dropped considerably.
XRP Needed to Enter Top 10% and Top 1% of the XRP Rich List
In contrast, the capital with which new entrants could procure these tokens has increased. Specifically, data shows that investors who hold at least 2,433 XRP are now part of the top 10% on the XRP Rich list. Notably, only about 679,990 accounts hold up to this amount, representing 10% of the total 6.799 million XRPL wallets.
Interestingly, the amount of XRP necessary to enter the top 10% was relatively higher nearly a month ago when The Crypto Basic provided an update on the XRP rich list at the time. Specifically, on July 7, investors needed to hold at least 2,486 XRP to be part of the top 10.
At the time, the 2,486 XRP were worth $5,643. Today, while they need 2,433 XRP to hit the top 10%, the tokens are worth $7,299. This represents an increase of nearly $2,000 to enter the top 10 in less than a month despite the number of tokens seeing a drop.
This trend also prevailed across other tiers of addresses within the XRP rich list. For instance, on July 7, one needed to hold 8,758 XRP worth $19,880 to be part of the top 5%. Today, the investor would have to possess 8,517 XRP, currently worth $25,551, to enter this tier, an increase of over $5,000.
Interestingly, one of the most drastic changes occurred with the top 1% tier. At the time of the previous XRP rich list report, investors looking to enter this tier required 50,637 XRP valued at around $115,000 then. Now, while investors would need to hold 50,108, they would have to spend $150,000, an increase of more than $35,000.
Market Still Early?
Analysts argue that this consistent change indicates that investors who continue to put off investing in XRP would only be able to afford less for more as the market matures. Market pundit Edoardo Farina called attention to this trend in June, when he suggested that XRP was pricing out retail investors.
Moreover, several community commentators have insisted that investors who enter the market today are still incredibly early. This is because they expect XRP to surge beyond current levels. For context, if XRP hits the $30 price projected by EGRAG, the 2,433 tokens needed to enter the top 10% would be worth nearly $73,000.
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.
