The Crypto Basic

The XRP Ledger has set a new record regarding the number of XRP holders as network activity on the blockchain reignites to multi-week highs.

Traction towards XRP, the fourth-largest cryptocurrency by market cap, and the XRP Ledger, its native network, has ticked up lately. As its price rebounded, holders grew considerably, and active users climbed to levels last seen several weeks ago.

Key Points

• Traction towards XRP, the fourth-largest cryptocurrency by market, and the XRP Ledger, its native network, has ticked up lately.
• Data shows that the number of non-empty addresses on the XRP Ledger surged to 7.7 million on Monday, the highest in its 13+ year history.
• Concurrently, the number of active addresses on the XRP Ledger reached 46,767, the highest level of user participation in the past five weeks.
• Over the last 48 hours, XRP has surged 14% to reclaim $1.60 before slightly sliding, reflecting the growing network activities.

XRP Ledger Non-Empty Wallets Hit New ATH

Data from the market analytics platform Santiment showed that the number of non-empty addresses on the XRP Ledger has surged to an unprecedented level. This metric surged to 7.7 million wallets on Monday, the highest level of adoption seen in the Ledger’s over 13-year history.

Notably, the number of holders on the Ledger has been steadily increasing, as users continue to create new non-empty wallets. This persisted even during periods of market downturns, suggesting they were capitalizing on dips to buy native tokens at a discount. Eventually, it reached the reported ATH of 7.7 million holders, confirming the strong traction towards XRP.

Active Addresses Hit 5-Week High

Concurrently, the number of active addresses on the XRP Ledger also surged on Monday. Santiment reported that it reached 46,767 addresses, the highest amount of user participation in the past five weeks.

This dates back to early February, when the number of active daily wallets climbed following XRP’s drop to a 15-month low of $1.11. After the dip-buying, network activity slowed, coinciding with the token’s consolidation. 

As prices began to regain ground, users slowly returned to the network. At the close of Monday, the daily active users on the network climbed to the multi-week high, confirming strong utility.

Renewed Traction Drags XRP Price Higher

Santiment highlighted that this renewed network activity on the Ledger has been evident in the XRP price. In the past 48 hours, the coin surged 14% to reclaim $1.60 before slightly sliding. This bullish push also saw it reclaim fourth place in the market cap ranking, displacing its former occupant, BNB.

Looking back further, XRP has rebounded considerably from its February 6 low of $1.11. At $1.60 and the current market price of $1.52, it has grown by 38% and 45%, respectively, highlighting the benefits of buying the dip.

Meanwhile, some analysts consider this modest compared to what lies ahead for the XRPL native token. With its supply on exchanges thinning out and demand returning, market observers are predicting a rally to a new all-time high of $8.6 before the end of the year. However, this remains speculative, and there is no guarantee it would happen.

A recent analysis argued that XRP and RippleNet exist specifically to solve the inefficiencies related to the post-petrodollar world.

Notably, the analysis, which came from ChatGPT, suggested that XRP’s On-Demand Liquidity mechanism, speed, low cost, regulatory standing, and compatibility with CBDCs make it a practical bridge asset for a world moving away from dollar dependence.

Key Points

• The U.S.-Saudi petrodollar agreement, which tied global oil sales to the dollar, expired around June 2024 after about 50 years in force.
• Now, amid the inefficiencies that emerge from global attempts to move from the dollar, analysis points to XRP as a potential solution.
• Traditional cross-border oil payments force banks to hold billions in nostro and vostro accounts in foreign currencies, and this locks up capital.
• XRP eliminates pre-funding by settling transactions in 3 to 5 seconds for fractions of a cent, compared to multi-day delays under SWIFT and CIPS.

A Gradual Move Away from the Dollar

The global financial system is now going through a major change. Notably, for about 50 years, the petrodollar system determined how nations bought and sold oil. Specifically, any country that wanted to purchase crude had to first obtain U.S. dollars. 

This arrangement emerged in the 1970s, following the 1973 Oil Crisis, when the United States reached agreements with major oil-producing nations, particularly Saudi Arabia. Oil exporters then took those dollars and reinvested them in U.S. assets, especially Treasury securities, which kept the dollar sitting at the top of global trade and finance.

However, the system has begun collapsing. Notably, the agreement between the United States and Saudi Arabia that kept oil sales tied to the dollar expired around June 2024, after holding for roughly 50 years. Most global oil transactions still use the dollar, so the system has not collapsed overnight. 

Nonetheless, some countries are now settling certain oil trades in other currencies, including the Chinese yuan, the euro, and various local currencies. Organizations like BRICS have championed this repeatedly. While the petrodollar system has not disappeared, it is steadily losing its grip.

How XRP Could Help

Amid the ongoing changes, XRP community figure Digital Asset Investor (DAI) recently shared an AI-generated analysis from ChatGPT that favors XRP.

The analysis looked at how XRP could address the inefficiencies that the post-petrodollar world is now creating. ChatGPT argued that XRP was built for exactly this moment, and that RippleNet has a direct answer to the central problem that a multi-currency oil trading environment brings up.

Notably, this problem has to do with pre-funding. Under the traditional cross-border payment system, banks have to hold billions of dollars in nostro and vostro accounts in foreign currencies just to keep international oil payments moving, and this ties up enormous amounts of capital.

ChatGPT explained that XRP removes this requirement entirely. Specifically, when a Chinese buyer pays in yuan, the yuan converts instantly to XRP on the XRP Ledger, and XRP then converts just as quickly into rials, rupees, dirhams, or whatever currency the seller needs. 

The whole settlement takes between 3 and 5 seconds instead of several days, and the market supplies the liquidity on demand instead of leaving it locked up in correspondent banks.

Real-World Precedent?

ChatGPT also mentioned a specific transaction as a sign that XRP can work in the real world. Specifically, it referenced an alleged 2024 crude oil deal between India and the UAE in which both countries settled the transaction without touching the U.S. dollar. 

According to the analysis, the payment moved through the XRP Ledger using local currencies, with XRP acting as the bridge asset. ChatGPT framed this not as an experiment but as a live deal that both governments sanctioned, and connected it to the wider BRICS push to move away from dollar dependence.

However, this particular claim may not be factual. The story first spread through crypto media outlets as an unconfirmed report, and later coverage largely cited those same unverified earlier sources. Neither the Indian nor the UAE government has confirmed that this transaction actually took place. XRP could technically support such a deal, but no evidence has emerged to confirm that it did.

XRP Boasts Some Clear Advantages

ChatGPT also highlighted several features of XRP that it believes make the asset ideal for a post-petrodollar world. Specifically, no government or central bank controls XRP, and the XRP Ledger runs on a consensus protocol that does not rely on energy-heavy mining. 

ChatGPT noted that Ripple has gained some level of regulatory clarity in the United States and has built partnerships across Asia, the Middle East, and Africa, with central banks and payment providers leveraging its RippleNet network and Payment service within these regions.

On raw performance, ChatGPT argued that XRP leaves both SWIFT and CIPS well behind. Oil deals worth hundreds of millions of dollars can settle in seconds for fractions of a cent, compared to fees ranging from 1-3% and delays reaching multiple days under the current system.

While XRP appears to have entered a recovery phase, data shows its triple bottom structure could close at $0.91 before the next leg up.

XRP has climbed back above $1.5, posting a 12.5% gain this month, but the current recovery may not mark XRP’s official uptrend above the broader downturn. Notably, a deeper corrective move may still be ahead before any sustained bull run can begin.

Data shows a multi-cycle triple bottom pattern forming on XRP’s 2-week chart, with the current price action representing the final leg of a broader ABC correction that started from $3.4 in January 2025. If this structure plays out, one more pullback remains before XRP can launch its next major expansion phase.

Key Points

• XRP has gained 12.5% this month, recovering above the $1.5 level, but data suggests the asset still needs to complete a final corrective leg before the next bull run.
• This comes from XRP’s triple bottom structure, which has continued to form over multiple months, potentially pointing to a trend reversal.
• The current sell-off, which would lead to the final bottom, forms the C wave of an ABC correction that began after XRP dropped from $3.4 in January 2025.
• Data identifies $0.91 as the key bottom zone, where the 0.618 Fibonacci retracement, historical demand, and the final leg of the triple bottom structure all meet.
• A weekly close above $1.65 would break the descending corrective structure and act as the first major confirmation that the triple bottom is complete, and a new bullish phase has begun.

The XRP Triple Bottom Structure and ABC Correction

EGRAG Crypto, a prominent market watcher, discussed this in a recent analysis. He suggested that XRP has been forming a multi-cycle triple bottom over several months. According to him, markets do not move randomly but rather repeat familiar structures, and XRP is now approaching what he believes is the final stage of this months-long formation.

He pointed out that XRP has been building this three-bottom structure while staying in line with its long-term trend and moving average structure. This broader pattern has been developing quietly, and EGRAG believes the current price action marks the final descending phase of the overall structure, aligning with an ABC correction.

Data from his chart shows this ABC correction started after XRP hit a peak of $3.4 in January 2025. From there, the A wave brought prices down to $1.61 in April 2025. 

The B wave then triggered a strong recovery that carried XRP up to a new high of $3.6 by July 2025. However, the sell-off that emerged from that July peak now forms the C wave, which EGRAG expects to wrap up the entire corrective sequence before a larger move to the upside begins.

Why $0.91 Marks the Key Bottom Zone

EGRAG said $0.91 is the key area where the C wave will likely bottom out. Notably, several factors make this level stand out. First, it aligns with the 0.618 Fibonacci retracement, an important support level. It also falls within a previous demand zone where buyers have historically shown up in meaningful numbers.

On top of those factors, EGRAG noted that $0.91 marks the completion point of the final leg within the triple bottom structure. He also called this zone a likely final liquidity sweep, which would mark a sharp dip that shakes out less committed traders and collects sell-side liquidity before the market turns higher.

XRP to $1.65 Now First Major Signal of a Trend Reversal

While $0.91 marks where EGRAG expects the bottom to form, he identifies $1.65 as the first sign that conditions have shifted in favor of the bulls. A weekly close back above $1.65 would break the descending corrective structure that has been in place for months. This would suggest the triple bottom is done and that the market has moved out of its corrective phase.

Once XRP reclaims $1.65 on the weekly timeframe and breaks the descending corrective structure, EGRAG expects the chart to start pointing toward higher Fibonacci extension targets and the broader cycle structure that typically shapes multi-year market trends. 

While he failed to name specific price targets for this expansion phase, EGRAG clarified that the move following the triple bottom completion could be massive.

The XRP Open Interest has recently surged to $2.73 billion, marking a 1-month peak amid a retest of a pivotal resistance level.

XRP has joined the broader market recovery effort, with a 6.64% increase this month putting it on track to record its first monthly gain in six months. Amid the rebound, the price recently retested the crucial $1.5 resistance area, with XRP Open Interest soaring to a new 1-month high.

Key Points

• XRP has recovered 11% from its $1.32 low this month, now retesting the pivotal resistance area around $1.5 amid a broader market rebound.
• With this upward push, the XRP Open Interest has soared to $2.73 billion, representing a 7% rise in the past 24 hours and marking a new 1-month peak.
• The recent spike in XRP’s price and Open Interest has led to increased short liquidations, with short positions accounting for 95% of total liquidations over the last 12 hours.
• This current condition points to a possible squeeze-driven bounce, as the ongoing short squeeze continues to fuel XRP’s rally.
• If the squeeze continues and spot demand rises, XRP could rise higher, but if OI rises too sharply, the market could face an over-leveraged condition.

XRP Retests $1.5 Resistance Amid Rebound

The latest XRP rebound effort began in late February after the market recovered from the immediate impact of the Israel-Iran conflict. XRP rose from an initial low of $1.27 on Feb. 28 to a high of $1.47 by March 4 before pulling back to $1.32. While this pullback dampened investor confidence, it led to a higher low than the Feb. 28 figure.

From here, XRP embarked on the recovery effort that has now allowed it to establish dominance over the $1.4 level. Specifically, XRP closed above $1.4 on March 14 for the first time in a week, before soaring 3% on Sunday. It recently leveraged this momentum to retest $1.5 early Monday morning, hitting a high of $1.49 before pulling back slightly to $1.47 at press time.

XRP Open Interest Hits 1-Month Peak

Amid the ongoing upward push, the XRP Open Interest has now recovered tremendously, soaring 7% over the past 24 hours to a peak of $2.73 billion. The last time XRP’s OI saw this high was in early February. Moreover, futures trading volume has also spiked 120% in 24 hours to $4.13 billion despite a 19% drop in options volume within the same period.

Meanwhile, the price increase has punished short positions, as liquidations have mostly impacted investors betting on a price decline. Specifically, over the last 12 hours, the market has witnessed $5.46 million in total liquidations, with short positions making up $5.21 million or 95%. With the 24-hour figure standing at $5.82 million, data shows most liquidations occurred in the last 12 hours.

What Does This Mean for Price?

Notably, a spike in open interest typically means that more traders are opening new positions in the derivatives market, increasing the amount of leverage tied to XRP. This suggests that market participants are becoming more active again as the XRP price attempts to rebound.

At the same time, the increase in short liquidations shows that some traders who had bet on further downside are now being forced to close their positions as XRP’s price moves upward. 

When short positions face liquidations, exchanges automatically buy back the asset to close those trades, adding additional buying pressure. This process can accelerate a price rebound, as each wave of liquidations pushes the price higher and triggers more forced closures.

In the longer term, the next price direction will depend on how the derivatives market moves from here. If the XRP price recovery continues and spot demand strengthens, the liquidations could help support a broader rally. 

However, a rapid buildup of leverage, indicated with a sharp rise in Open Interest, will also increase the risk of volatility. If too many traders begin opening highly leveraged long positions, the market could later face a similar wave of liquidations on the downside if the price stalls or reverses.

Grayscale’s research chief, Zach Pandl, has stated that the market could reprice XRP once clearer regulations emerge around the asset.

XRP is trading under $1.50 today, but Pandl believes that regulatory clarity may help the coin see improved value.

Notably, he shared this view during a recent discussion with crypto host Paul Barron, arguing that clearer rules could unlock additional value across several digital assets, including XRP.

Key Points

• Grayscale’s Zach Pandl says XRP could be repriced once clearer regulations arrive for digital assets.

• Investor demand for XRP products like GXRP rises as regulatory clarity could boost asset valuation.

• SEC and CFTC align on crypto oversight, aiming to harmonize rules and coordinate guidance for firms.

• Clarity Act delays may block passage in 2026; stablecoin yield rules remain a key sticking point.

Regulatory Clarity Could Unlock Value

Pandl noted that while nothing is guaranteed, investors are already positioning themselves ahead of potential policy developments affecting XRP and other blockchain networks. 

He explained that improved regulatory guidance could lead to a repricing across multiple digital assets. In the case of XRP, clarity around issues such as long-term token supply could play a major role in shaping investor sentiment.

He suggested that if future policies reduce uncertainty about XRP’s supply dynamics, it could positively affect the asset’s valuation. 

The discussion also noted that regulatory frameworks could require companies connected to blockchain networks to restructure how they manage token holdings, influencing circulating supply and future inflation.

Strong Investor Demand for XRP Investment Products

Pandl highlighted strong demand for XRP investment vehicles offered by Grayscale. The firm’s XRP investment product, GXRP, has attracted significant inflows since launch, accumulating about $121 million. 

This interest suggests that some investors are already positioning themselves in anticipation of clearer regulatory rules surrounding the asset. Pandl indicated that greater regulatory clarity could encourage broader participation.

The conversation also highlighted the growing level of institutional capital entering the XRP ecosystem. Even before comprehensive regulations are in place, large financial firms are exploring investments tied to the asset.

For context, XRP ETFs led by five asset managers have seen $1.4 billion in inflows as of early March. Pandl believes institutions could begin treating XRP more seriously as a financial asset class once regulatory frameworks are in place.

SEC and CFTC Align on Crypto Oversight

Notably, the SEC and CFTC recently signed a memorandum of understanding to coordinate their regulatory approach to digital assets. The agencies will hold joint meetings, share data, and clarify product definitions through rulemaking. 

SEC Chair Paul Atkins emphasized that harmonization goes beyond aligning rules and extends to coordinated responses for firms seeking guidance, potentially including co-located offices.

While signaling the end of past regulatory turf wars, both agencies and the industry await outcomes from the market structure bill in the Senate.

Time Running Out for Clarity Bill, Expert Warns

Notably, the Clarity Act for crypto regulation may not pass this year unless lawmakers act quickly, according to Alex Thorn, senior researcher at Galaxy Digital. Delays largely center on whether stablecoin issuers can pay holders yields. 

Thorn warns that if the bill doesn’t clear the committee by April, chances of passage in 2026 are very low. Even if that issue is resolved, other hurdles, such as DeFi rules, regulator powers, or ethics concerns, could still block it.

The bill’s fate is shaping up as a major political issue ahead of November’s midterms, with Democrats planning to challenge Trump’s crypto policies.