The latest XRP rich list update indicates that investors now have a chance to enter the top 10% at lower costs amid the current price struggles.
For context, XRP has continued to face downward pressure over the past few weeks after dropping from the $3.18 top of Sept. 13. Since this peak, XRP has collapsed by over 10%. Having relinquished the $3 psychological price level on Sept. 21, the altcoin currently trades for $2.84.
XRP Rich List Requirement Drops
However, amid this price struggle, some market commentators believe there is an opportunity for investors to either enter the XRP market or accumulate more tokens at a reasonable discount. Interestingly, data from the XRP rich list also provides this opportunity for market participants looking to enter the coveted list.
Notably, the requirement for entering the top 10% has dropped drastically both in unit and dollar values. Specifically, to enter the top 10% now, investors would need to hold exactly 2,362 XRP tokens. With XRP currently changing hands at $2.84, these tokens hold a value of around $6,708.
This is the first time in months that the capital requirement for entering the top 10% of the XRP rich list has slumped below the $7,000 mark. Notably, this requirement was 2,433 XRP worth $7,299 in early August. By late August, it dropped to $7,188 and then collapsed further to $7,131 in September. Today, it sits at $6,708, marking a decrease of nearly $600 since early August.
Requirements for Other Categories
Similarly, the requirements for higher levels on the XRP rich list have also reduced in units and dollar values. For instance, during the Sept. 12 report from The Crypto Basic, it cost 8,301 XRP (worth $24,903) to become a top 5% address. Now, this figure has dropped to 8,229 XRP worth $23,370. Investors now need over $1,500 less to enter this category.
For the top 1% on the XRP rich list, a market participant would need to procure and hold 50,004 XRP tokens, currently valued at $142,011. This represents an observable decline from the 50,025 XRP worth $150,075 required as of Sept. 12. This indicates that an investor would now spend $8,000 less to become a top 1% holder.
While most investors may see this as an opportunity to enter the rich list at discounted prices, several market watchers believe those who wish to should take advantage of the opportunity soon. For instance, Coach JV recently suggested that XRP’s next explosive moment would be “fast, unexpected, and unforgiving.”
Interestingly, while the requirements for entering these XRP-rich list categories have declined, the addresses in each category have instead increased. Particularly, there are now 705,004 addresses in the top 10% and about 352,500 addresses among the top 5%. For the top 1%, the addresses in this category have risen to 70,500.
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.
