The capital investors would need to enter the XRP rich list has dropped since the start of the month, while the top 10% accounts have increased.
While XRP has remained stagnant in August, with a 1% drop since the start of the month, the amount required to enter the XRP rich list appears to have dropped in recent weeks. Notably, investors now need less than $7,200 to be among the top 10% richest XRP addresses.
XRP Rich List Capital Requirement Drops
This is according to data from the community-driven platform rich-list.info. Specifically, to enter the top 10% list, an investor must hold around 2,396.7 XRP tokens. At the current price of about $3, this translates to an investment of $7,190.1, a slight drop from the figure from earlier in the month.
For context, The Crypto Basic confirmed in an Aug. 4 report that the requirement for entering this top 10% XRP rich list was 2,433 XRP worth $7,299 at the time. This means that the necessary capital for being among the top 10% richest XRP addresses has dropped by about 32 XRP or $108 over the past three weeks.
This gives investors a golden opportunity to enter the XRP rich list with reduced investments. Interestingly, some market participants appear to be taking advantage of this opportunity. During the Aug. 4 report, there were 679,990 accounts on the top 10% list. Today, that figure has increased to 690,984, indicating that over 11,000 wallets have slipped into this tier.
Moreover, the capital necessary for entering the top 5% XRP rich list has also dropped from 8,517 XRP worth $25,551 earlier in the month to 8,370 XRP valued $25,110. Meanwhile, addresses in the top 5% have increased from 339,995 to 345,492, confirming that 5,497 wallets have seized the opportunity to enter the top 5% with lower capital.
For the top 1%, the capital requirement has also dropped from 50,108 XRP ($150,324) to 50,025 ($150,075). In addition to this, about 1,099 new addresses have slipped into the top 1% list, with the total number of addresses now sitting at 69,098.
Analysts Already Eyeing Higher Prices
While the decline in these capital requirements might be minimal, they still give investors the chance to amass XRP at discounted prices before the imminent explosive rallies predicted by several market commentators. For instance, most recently, Zach Rector argued that XRP was on the verge of recording the most hated rally in crypto.
Meanwhile, analyst EGRAG is eyeing $40 as his optimistic target for XRP after a breakout from a W pattern. If this materialized, it would take $95,840 to enter the top 10% XRP rich list at the current token requirement, $334,800 to reach the top 5%, and over $2 million to become a top 1% wallet. However, there is no guarantee XRP will reach this price target.
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.
