Data from the XRP rich list reveals that the amount an investor needs to enter the top 10% has again dropped despite XRP price stagnation.
For context, XRP embarked on an impressive recovery campaign after the massive collapse it recorded earlier this month, which pushed it to a low of $2.7. However, amid this recovery effort, XRP’s price only rebounded to the position it was in late August during the previous rich list update.
Specifically, at the time, XRP traded for $3, and today, it still trades around that price mark. Nonetheless, despite this stagnant price action, the requirement to enter the XRP rich list has dropped considerably.
XRP Rich List Data Shows Declining Capital Requirements
At press time, data from the community-driven XRP rich list platform shows that an investor looking to enter the top 10% would need to hold 2,377 XRP tokens. Interestingly, this is a drop from the 2,396 XRP requirement highlighted two weeks ago during the previous XRP rich list report by The Crypto Basic.
With XRP trading at roughly the same price as the previous report, the worth of the tokens required to enter the top 10% has dropped from $7,188 to $7,131. While the $57 difference might not seem significant enough to most, the gradual decline is an interesting trend worth watching. For context, this requirement was 2,433 XRP ($7,299) earlier in August.
In addition to the drop in entry requirements, the number of addresses in the top 10% of the XRP rich list has increased, showing a contrasting trend. Specifically, at the time of the previous report, there were 690,984 addresses in the top 10%. This figure has increased by nearly 6,000 to 696,777 at press time.
Other Tiers of Addresses See Similar Trend
Moreover, the requirement to enter the top 5% has also dropped slightly to 8,301 XRP worth $24,903, lower than the previous figure of 8,370 tokens valued at $25,110. However, the number of addresses in this tier has increased to 348,388, an addition of 2,896 wallets over the past two weeks.
Meanwhile, the top 1% entry requirement saw a more modest drop of 14 XRP tokens, decreasing from 50,025 XRP worth $150,075 on Aug. 27 to the current figure of 50,011 tokens ($150,033). Further, there are now 69,678 addresses in the top 1%, a slight increase from the 69,098 on Aug. 27.
For context, this contrasting trend of decreasing capital requirements alongside a rising number of addresses in each tier is due to the entrance of new investors, who have accumulated more XRP tokens at lower price levels. Today, total XRP wallets have increased to 6.967 million, eyeing the 7 million mark.
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.
