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The Bitcoin Market Undergoing a Leverage Reset: Glassnode

Elendu Benedict
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The Bitcoin Market Undergoing a Leverage Reset: Glassnode

Heightened Bitcoin futures open interest shows leverage appetite, but sharp market swings target volatility flush to reset the market.

Bitcoin has seen elevated volatility in the past few days. Specifically, a series of price fluctuations has left leveraged position liquidation high. For context, after Bitcoin surged to a new all-time high of $126,200 on Monday, a sharp 2.64% decline followed, with the token touching $120,600.

By Wednesday, BTC reclaimed $124,000 only to relinquish earlier gains on Thursday, with a drop to an intraday low of $119,700. Glassnode noted in a tweet today that the uncertainty in this market direction was due to Bitcoin undergoing a “leverage reset.”

Price Fluctuation Targeting Excess Positions

While Bitcoin has looked stable today, the market has liquidated over $1.74 billion worth of positions in the past four days. Most positions have been shorts, as the market has clearly been on a downtrend, but longs have also had a fair share of the pie.

Glassnode noted that this sharp move in both directions was to flush out excess volatility for a leverage reset. Nonetheless, Bitcoin open interest remains elevated, with leverage appetite growing intense among market users.

Bitcoin Open Interest Still Elevated

Meanwhile, Glassnode highlighted that Bitcoin futures open interest (OI) remains high. An accompanying chart shows a steady growth in OI since the start of October, as market users position to maximize the “Uptober” momentum.

OI volume started moving from around 370,000 on October 1 to a high of 397,500 by October 7 before a slight reduction. Nonetheless, its elevated nature suggests persistent leveraged pressure despite price uncertainties.

Bitcoin Futures OI | Glassnode
Bitcoin Futures OI | Glassnode

Data from Coinglass further confirms this futures interest. The exchange Bitcoin futures open interest stands at $90.24 billion at the time of writing. While this is down from $94.12 billion on Tuesday, it remains at a high compared to previous market trends.

Notably, growing OI signals support strong market trends, as they provide liquidity for major market moves. Nonetheless, an overleveraged market increases volatility and could spark flush-outs as seen recently.

Bitcoin Finally Ready to Move?

Meanwhile, while momentum remains in the market, widely known pundit Lark Davis suggested that Bitcoin might finally be ready to move. He noted in a parallel tweet that after faking out twice at $120,000, the level has now held as support.

For perspective, Bitcoin experienced severe rejection above $120,000 in July, dropping back to the support around $112,000. A similar fake-out occurred in August’s high of $124,277, with an intense correction following again.

Bitcoin Finds Support After Fakeouts | Lark Davis
Bitcoin Finds Support After Fakeouts | Lark Davis

However, Bitcoin has closed and remained above $120,000 since October 2. Prices have also retested the support, with BTC bouncing from there yesterday. As a result, Davis suggested that if the level is sustained and momentum remains bullish, Bitcoin would rally to $130,000 next.

Russia Permits Banks to Engage in Bitcoin and Crypto Operations at a Limited Scale

Sam Wisdom Raphael
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Russia Permits Banks to Engage in Bitcoin and Crypto Operations at a Limited Scale

A local media outlet recently reported that the Bank of Russia has made a major decision on how banks can work with Bitcoin and crypto. 

Specifically, the central bank will now let financial institutions take part in crypto transactions, but only under strict limits meant to keep the country’s financial system stable and secure.

Banks to Work with Bitcoin and Crypto at a Limited Scale

According to the report, banks will soon get government approval to handle cryptocurrencies, though they must follow firm capital and reserve requirements. 

Speaking on the development, Vladimir Chistyukhin, First Deputy Chairman of the Bank of Russia, explained that these limits exist to make sure commercial banks don’t turn crypto trading into their main business. He said the central bank recognizes the growing role of crypto but still wants to move carefully to avoid unnecessary risks.

Chistyukhin said the apex discussed the issue with leaders in the banking sector and agreed that completely banning banks from dealing in crypto would make little sense. Instead, the new approach gives banks limited access while keeping a close watch on their activities. 

According to him, every transaction must remain transparent and comply with anti-money laundering rules, adding that both individuals and institutions must identify themselves and clearly show where their funds come from.

Russia Emphasizes on Money Laundering Risks

He also pointed out that both Russian and international experts now see crypto as carrying higher risks of money laundering and terrorist financing. As a result, the Bank of Russia will apply all existing anti-money laundering measures to crypto investments.

Notably, banks, brokers, and exchanges will have to monitor their clients and block any transactions that don’t meet legal standards. They will take full responsibility for reporting suspicious activity. 

Chistyukhin noted that Russians who own crypto can sell it locally through national infrastructure but may use foreign platforms for other types of transactions. Interestingly, he also confirmed that around 20 million Russians already use digital assets, which shows how widespread crypto has become in the country.

Russia Joins Global Trend Around Crypto Regulations 

The latest decision comes as part of a global wave of crypto regulation. Governments worldwide, from the U.S. under the Trump administration to the European Union with MiCA, are working to create clearer rules for the industry. 

Notably, Russia’s approach fits into this trend but focuses on protecting financial stability and maintaining control over its domestic market. Recent developments show how Russia is tightening its oversight while still looking to allow innovation. Last November, the government recognized crypto as property.

Also, new rules starting in January 2025 require companies to register foreign trade contracts involving digital rights, such as cryptocurrencies, with authorized banks. This rule covers imports worth over 3 million rubles and exports above 10 million rubles.

Meanwhile, these regulations have become necessary, considering the widespread use of crypto in Russia. Reuters reported that Russian oil companies are already using Bitcoin, Ethereum, and stablecoins like Tether to settle trade deals with China and India, helping them get around Western sanctions. 

Also, the Bank of Russia recently proposed a three-year experimental program for wealthy investors to trade cryptocurrencies under close supervision. However, the Digital Watch Observatory noted that some of the country’s new rules could effectively ban the use of U.S.-linked stablecoins such as Tether due to their potential sanction risks.

Crypto Firm HashKey Group Plans $500 Million IPO in Hong Kong

Zabi
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Crypto Firm HashKey Group Plans $500 Million IPO in Hong Kong

HashKey Group, the Hong Kong-based financial services company, has filed confidential paperwork for a potential IPO, slated for later this year.

According to a Bloomberg report, HashKey aims to raise a maximum of $500 million from the offering. However, the firm is still discussing valuation and timing.

HashKey operates HashKey Exchange, a fully licensed digital asset trading platform in Hong Kong serving retail and institutional investors. The potential listing could draw attention from traditional investors seeking exposure to regulated cryptocurrency businesses.

Hong Kong’s Supportive Regulatory Climate

The IPO plan coincides with Hong Kong’s policy push to promote itself as a regulated yet innovation-friendly crypto hub. In August, the government introduced a framework for licensing companies that issue stablecoins, establishing clear compliance requirements for the industry.

This regulatory clarity has encouraged global firms to view the city as a safe entry point into Asia’s digital economy. HashKey’s decision to list locally reinforces that reputation and strengthens Hong Kong’s position as a trusted gateway for digital assets.

Global Expansion and New Initiatives

In addition to its IPO plans, HashKey has been scaling globally. The firm recently secured conditional approval from Dubai’s Virtual Assets Regulatory Authority to enter the Middle East’s expanding cryptocurrency sector.

Moreover, it also obtained regulatory clearances in Bermuda and Ireland, broadening its footprint across multiple jurisdictions.

Furthermore, in September, the company unveiled plans for what would become Asia’s largest digital asset treasury fund, with an initial fundraising target of over $500 million. This initiative offers institutional-grade exposure to blockchain projects, stablecoins, and tokenized assets.

Hong Kong Regains Global IPO Momentum

HashKey’s potential listing comes at a time when Hong Kong’s IPO market is showing renewed strength. According to KPMG, the city is on track to lead global IPO rankings this year, with nearly 300 active filings recorded as of September 30, the highest number in its history.

Both traditional sectors and emerging industries alike are contributing to the resurgence. In particular, artificial intelligence and cryptocurrency are attracting growing investor interest amid a global shift toward technology-led innovation.

Meanwhile, other major players are also exploring Hong Kong’s capital markets. Digital Currency Group (DCG), a major name in the crypto industry, is reportedly considering its own IPO in the city, targeting a raise of around half a billion dollars.

This surge of digital finance listings reflects a strategic bet on institutional crypto adoption and an expected market recovery by 2025, when analysts anticipate a new wave of token growth and investment activity.

HSK Token Reacts to IPO News

Following the IPO news, the price of HashKey’s HSK token jumped to $0.46, up 13%, then later stabilized at $0.41. The brief rally reflected optimism that a successful listing could boost HSK’s market visibility and strengthen its role within the HashKey ecosystem.

HashKey Token | CoinMarketCap
HashKey Token | CoinMarketCap

Analyst Says XRP Always Rewards the Patient: Here’s Why

Abdulkarim Abdulwahab
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Analyst Says XRP Always Rewards the Patient: Here’s Why

XRP price action is approaching a critical point as it continues to trade sideways within a tightening triangle pattern.

According to technical analyst CryptoWZRD, XRP has been consolidating for 75 days, forming a structure that often precedes explosive breakouts. The analyst noted that the range is tightening, suggesting a powerful price move may be imminent.

At the time of writing, XRP is trading around $2.83, hovering just below the $3.05 resistance zone that has capped its recent rallies.

Breakout Above $3.05 Could Trigger a Rally to $3.65

Notably, the chart shared by CryptoWZRD highlights a descending triangle, with support at $2.78 and resistance gradually compressing toward $3.05.

A breakout above this resistance may mark the beginning of a new bullish phase, targeting the $3.65 level. This technical area is important, as XRP faced opposition there in July. Since then, it entered its current consolidation phase that’s now concluding. Approaching this level again could reward today’s holders with a potential 20% upside.

This possible scenario may attract interest from traders who have been waiting for XRP to break out of its prolonged consolidation, igniting stronger momentum-driven buying pressure.

CryptoWZRD's XRP chart
CryptoWZRD’s XRP chart

“XRP Always Rewards the Patient”

In his analysis, CryptoWZRD encouraged holders to remain calm amid the current low volatility, stating that “XRP always rewards the patient.”

This sentiment aligns with a popular belief among XRP supporters: patience during slow market periods can lead to considerable gains when momentum returns.

Recent price action supports this view. In 2024, Bitcoin repeatedly broke new all-time highs while XRP remained relatively stagnant, leading many to dismiss the token as underperforming. However, by the end of the year, XRP staged a notable rally that rewarded even long-term holders who had been underwater since 2018.

Although momentum has since cooled, and frustration has resurfaced, hopes for another breakout remain especially as Bitcoin sets new record highs.

How High Can XRP Go After the Consolidation Breaks?

Separately, technical analyst ChartNerd suggested that XRP could surge to $27. He drew parallels to Amazon’s decade-long consolidation from 1999 to 2009. He noted that XRP, like Amazon at the time, has spent years trading below its all-time high and may now be entering a “pre-breakout” phase similar to Amazon’s before its massive rally.

Specifically, ChartNerd pointed out that Amazon broke out after nearly 10 years of sideways movement, eventually rising from $5 to over $200. He suggests that XRP, having spent eight years below its 2018 peak of $3.84, could experience a similar breakout.

Other analysts share this bullish outlook. EGRAG also targets $27 using Fibonacci extensions and regression models. At the same time, Nick Anderson of Bullrunners predicts an even more extreme scenario, suggesting XRP could surpass $100 if it follows a trajectory similar to Amazon’s.

Despite ongoing skepticism, these analysts argue that market history often repeats itself, and XRP’s prolonged consolidation could serve as the foundation for a parabolic move higher.

Expert Sees BNB at $2,000, Predicts XRP Price

Sam Wisdom Raphael
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Expert Sees BNB at $2,000, Predicts XRP Price

While BNB has recently outperformed the rest of the market, analyst EGRAG believes it still has more growth room, and XRP could follow with its own explosive surge.

For context, BNB has been one of the best-performing crypto assets on the top 100 list in the past seven days. Specifically, the Binance-affiliated token has increased 16.46% over the last week, ranking third among the top performers within this period.

Amid this upsurge, BNB has claimed new all-time highs, with the latest one being $1,350 on Oct. 7. However, while BNB has performed exceptionally well, XRP has lagged, collapsing 7.52% in the past week and relinquishing the $3 mark. As a result, BNB has since surpassed XRP in market ranking.

Despite BNB’s recent run, EGRAG believes it has more room to grow. However, the analyst also expects XRP to recover from its slumber and engineer a similar run. Notably, to prove his point, he called attention to similarities between BNB and gold’s trajectories, and then juxtaposed them to XRP’s price action.

BNB Following Gold’s Trajectory

For context, EGRAG found that BNB and gold have been moving in the same path on the 3-month and 1-month charts, with BNB lagging behind by a few years. Specifically, the analyst called attention to a drop below a horizontal trendline and a subsequent break above this trend after years of building momentum below the mark.

For gold, the drop below the trendline occurred in September 2011 on the 3-month chart, when it collapsed from the $1,921 peak following the U.S. and global stock market crash the month before. Gold spent years trading below this trendline but eventually recovered above it in November 2023 when it decisively overcame the $2,000 mark. 

Following this breakout, gold has been on an upward trajectory, recently doubling its value to hit a new peak above $4,000 this month, about two years after it broke above the trendline.

EGRAG believes BNB is following this path. For BNB, it slumped below the trendline in May 2021, after dropping from the $691 peak at the time. BNB spent the next four years trading below the trendline until it finally surpassed the $700 mark decisively in February 2025. 

BNB Mirroring Gold Price Action EGRAG Crypto
BNB Mirroring Gold Price Action | EGRAG Crypto

Since then, BNB has seen nothing but massive gains, with its latest all-time high of $1,350 representing a 93% gain since it broke above the trendline eight months ago. However, EGRAG expects BNB to continue following gold’s path, potentially hitting a new peak of $2,000.

XRP Following BNB’s Trajectory

Now, the analyst also found that XRP appears to be trailing BNB’s path. According to EGRAG’s chart, XRP also dropped below a similar horizontal trendline when it crashed from the $3.31 peak in January 2018. However, after nearly seven years of trading below the trendline, it overcame it during the November 2024 rally.

XRP Mirroring BNB Price Action EGRAG Crypto
XRP Mirroring BNB Price Action | EGRAG Crypto

While XRP has been on an upward path since then, its growth rate has been less explosive. EGRAG believes it is still following BNB’s trajectory, and as BNB surges to a new ATH above $2,000, XRP could follow suit. Specifically, he expects XRP to rally to $13, representing a 364% increase from the current price of $2.8.

Expert Says XRP Gains Value from Utility, Not Burns

Lele Jima
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Expert Says XRP Gains Value from Utility, Not Burns

A recent discussion within the XRP community on X has sparked a debate over the role of token burn in determining the value of XRP. 

The discussion, which initially centered on whether Ripple’s engagement with policymakers has subtly influenced XRP’s adoption, took an unexpected turn when an X user, “Fishy Catfish,” criticized the token’s low burn rate.

Only 0.014% of XRP Burned in Over a Decade

The X user pointed out that since the XRP Ledger (XRPL) launched in 2012, only 0.014% of the token’s supply has been burned.

For context, XRP’s burn mechanism differs from that of most crypto projects like Shiba Inu. The ledger burns small fractions of XRP collected as transaction fees. Notably, the mechanism seeks to prevent spam attacks on the network, rather than an aggressive means to reduce the supply.

However, since these fees are intentionally kept extremely low to ensure affordable transactions, the total amount of XRP burned over time remains minimal compared to other tokens that implement aggressive burn strategies.

Currently, a total of 14,215,351 (14.21 million) XRP, representing about 0.014% of the token’s 100 billion total supply, has gone up in flames. This amount is incredibly low when compared to Shiba Inu, which has seen over 41% of its one quadrillion supply burned.

Notably, Fishy Catfish pointed out that while many crypto projects aggressively burn tokens to boost value for their holders, the same cannot be said for XRP, which maintains an exceptionally low burn rate.

This view reflects a common belief in the crypto community, where many consider token burns as a way to create artificial scarcity via burn.

XRP Value is Driven By Utility

However, attorney Bill Morgan countered Fishy’s perspective with a different economic argument about XRP. He argued that only tokens lacking intrinsic value rely on burns to artificially boost their prices.

The pro-XRP lawyer suggested that valuable tokens do not need burns to grow in price. His commentary stresses that XRP’s value improves based on its utility and demand, not burns.

Rather than token burns, XRP community members have continuously pointed to the token’s growing real-world use cases, particularly its use in cross-border settlements, as its major strength.

Its utility is gradually expanding beyond payments, with several institutions now adopting it as a reserve asset. Recently, InsurTech company Reliance Group acquired $17 million worth of XRP for its treasury.

Analyst Says It’s Going to Be a Riot When XRP Starts Running to $10

Abdulkarim Abdulwahab
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Analyst Says It’s Going to Be a Riot When XRP Starts Running to $10

Analyst Zach Rector has raised concerns about XRP liquidity conditions, pointing out that the asset currently faces a 2.5% spread to sell while trading at $2.81.

He sees an even more concerning figure in XRP’s run-up to higher numbers. For context, the spread is the gap between buy and sell prices. It highlights limited liquidity and challenges for traders trying to exit positions efficiently.

In particular, a 2.5% spread means sellers could receive around $2.74 for XRP, while buyers may pay closer to $2.88. Though this difference might seem small, it shows a market imbalance that could become more pronounced during periods of high volatility.

It’s worth noting that on highly liquid exchanges like Binance, the 2.5% spread Rector referred to may not occur under normal conditions. Typically, the spread is much smaller, often under 0.1%. However, during times of high volatility, it can widen significantly.

“It’s Going to Be a Riot” During a Blow-Off Top

Rector also argued that if spreads are already wide at $2.81, they could worsen significantly when XRP climbs into double digits or during a rapid blow-off top.

He painted a scenario where, as XRP approaches the $10 range, the market could become extremely chaotic. “When XRP is on the run up to $10, it’s going to be a damn riot,” Rector noted.

Notably, during such rapid price surges, liquidity often dries up and trading volumes can overwhelm exchanges. This typically leads to much wider spreads and increased slippage, making it harder for traders to execute orders efficiently.

Caution for XRP Holders and Haters

Rector’s comments suggest that price appreciation alone doesn’t guarantee easy profits. During euphoric rallies, trading friction, exchange delays, and liquidity gaps can make it difficult to sell assets at expected prices.

In response to Rector’s points, community member Josh D remarked that automated market makers (AMMs) could help address the liquidity challenges in volatile market conditions.

He noted that instead of relying on centralized exchanges with widening spreads, traders could leverage AMMs 

In January, Ripple CTO David Schwartz explained how AMMs on the XRPL can capture value from market volatility. Specifically, the process allows liquidity providers to benefit even as prices fluctuate.

Beyond liquidity issues, Rector’s warning highlights that the market may currently be offering an opportune moment to accumulate XRP while activity remains relatively low. However, those sitting on the sidelines now and hoping to enter during a euphoric phase may face a difficult situation.

Not a Good Time to Sell XRP

Rector went further, warning against selling XRP by spotlighting Ripple’s recent collaboration with Securitize. In particular, the two companies are working to bring crypto into the financial mainstream. 

Specifically, VanEck and BlackRock have announced plans to tokenize money market funds. They are enabling fund holders to redeem assets directly on-chain using Ripple’s RLUSD, powered by Securitize’s platform.

Securitize emphasized this shift, saying, “It’s time to tokenize the world”. In response, Rector commented, “Imagine thinking now is the right time to sell XRP…”

He suggests those exiting the market now could miss out on significant developments that may positively impact XRP’s future price and utility.

Peter Brandt Says XRP On His List of Short Candidates

Albert Brown
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Peter Brandt Says XRP On His List of Short Candidates

Veteran trader Peter Brandt says he is keeping tabs on XRP for a possible short but shares a condition that would confirm his bearish stance.

Brandt has highlighted a bearish XRP formation for the second time this week. This time, he noted that the altcoin is in his list of candidates for a possible short position.

Brandt Waits on Bearish Confirmation

Notably, the market pundit confirmed that he would take the bearish stand upon the completion of a classic descending triangle formation on the daily chart.

The triangle has its roots in a rejection after the XRP swing high of $3.66 in July. Since then, prices have been losing momentum at the resistance neckline of the structure at every rally.

XRP Descending Triangle Trend | Peter Brandt
XRP Descending Triangle Trend | Peter Brandt

The experienced trader had earlier highlighted that a close below $2.66 would mark a breakdown for XRP, with lower prices following. His target for the breakdown is a retest of the July lows at $2.22, representing a 21% correction from the current market price of $2.82.

Market Technician Egrag Crypto Disagrees

Remarkably, Brandt’s bearish disposition did not bode well with some market participants. Specifically, market technician Egrag Crypto disagrees with the veteran trader, with an accompanying chart suggesting XRP may have bottomed.

For perspective, Egrag’s 1M chart shows that XRP trades close to the support of an inverted descending triangle, and prices could take a positive turn instead. The analyst further claimed that he remembers Brandt shorting XRP at $0.50, which ended up becoming XRP’s bottom price this cycle.

XRP Analysis | Egrag Crypto
XRP Analysis | Egrag Crypto

Meanwhile, another user pointed to a similar descending triangle formation, which Brandt highlighted was bullish after an upside breakout. The featured chart was an XRP monthly chart showing a breakout in July after years of price accumulation.

Nonetheless, Brandt explained that the chart in question was an explosive long-term XRP price prediction. Furthermore, while he intends to open a short on XRP if it breaks down, he also stated that he is willing to buy an upside breakout.

Analysts Insist XRP Is Bullish

Meanwhile, market analysts have continued to highlight the bullish possibilities in the XRP chart. Millionaire trader Gordon called it “beyond bullish,” challenging anyone to show him a chart with more juice than XRP.

Mr. Xoom also pinpointed that every structure remains intact for XRP, advising against FUD. According to him, he sees no reason for holders to be afraid. Zach Rector also shares this sentiment, noting that XRP is still leading the market in gains since November 2024.

Coinbase and Mastercard Compete to Acquire BVNK

Albert Brown
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Coinbase and Mastercard Compete to Acquire BVNK

Two financial heavyweights, Coinbase and Mastercard, are reportedly pursuing the acquisition of BVNK, a London-based fintech specializing in stablecoin infrastructure.

According to a Fortune report, both companies have entered advanced negotiations. These talks could lead to a sale priced between $1.5 billion and $2.5 billion.

While the discussions are ongoing and may not yet be final, industry sources indicate that Coinbase currently has the upper hand over Mastercard.

If the acquisition goes through, it would surpass Stripe’s $1.1 billion acquisition of Bridge in October 2024. Indeed, that milestone would make it the largest-ever purchase of a stablecoin infrastructure company.

A Coinbase spokesperson declined to comment, saying the company “does not engage in speculation or rumors”. Similarly, BVNK and Mastercard have also remained silent on the matter.

Inside BVNK: A Fintech Rising on Stablecoin Rails

Founded in 2021, BVNK has quickly emerged as one of Europe’s leading stablecoin payment providers. The London-based firm offers a suite of tools that help businesses send, receive, and manage stablecoin transactions seamlessly across borders.

Notably, BVNK’s client list includes Worldpay, Flywire, and dLocal, among other global payment processors. The company claims to handle over $20 billion in annual transaction volume.

Just a day ago, Citi Ventures made a strategic investment in BVNK. This move indicates that traditional finance players are growing increasingly confident in blockchain-based payment systems.

Regulatory Clarity Boosts Stablecoin Investments

The surge in stablecoin investments follows the passage of the GENIUS Act in the United States (July 2025). Specifically, the legislation established clear federal guidelines for the issuance and use of dollar-pegged stablecoins, giving both banks and fintechs greater regulatory certainty.

Consequently, this clarity has spurred venture funding and acquisitions, pushing companies to secure technology and compliance ahead of mainstream adoption.

Stablecoin Market Reaches New Milestones

In June 2025, USDC issuer Circle Internet Group went public on the New York Stock Exchange, with shares rising 118% since its debut.

Meanwhile, the total stablecoin market capitalization surpassed $300 billion earlier this month, a milestone that underscores the growing adoption of these digital assets by consumers, businesses, and financial institutions alike.

XRP Showing Network Growth Despite Bearish Price Activity

Mark Brennan
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XRP Showing Network Growth Despite Bearish Price Activity

Despite the ongoing bearish XRP price action, non-empty wallets on the XRP Ledger have continued to increase amid persistent network growth.

XRP has been on a downward path in the last week. Specifically, the price started at about $3.08 on October 3 but has since dropped to $2.82 at press time. However, as the selling pressure persists, XRP wallets have continued to increase, a particularly positive sign.

Non-empty Wallets Are Surging

Data shared by Santiment on X confirms this. Notably, Santiment found that non-empty XRP wallets recently hit a peak of 7.1 million. This trend often signals improved activity and adoption within a blockchain network. 

XRP Ledger Seeing Network Growth Santiment
XRP Ledger Seeing Network Growth Santiment

XRP Fifth Among Most Growing Wallets

However, compared to other cryptocurrencies, XRP is just fifth among the top-cap assets in terms of non-empty wallets, trailing behind Ethereum, Bitcoin, Tether, and Dogecoin. 

While it maintains a solid position with 7.1 million wallets, it lags significantly behind Ethereum’s 160.36 million and Bitcoin’s 56.91 million. This gap suggests that while XRP is growing steadily, it hasn’t experienced the same explosive adoption seen in these leading assets.

Tether (USDT) ranks third with 8.93 million non-empty wallets, reflecting its crucial role as a stablecoin in the crypto market. Dogecoin (DOGE), with 8.1 million non-empty wallets, follows closely behind Tether in fourth place. 

Next on, Cardano (ADA) has 4.5 million non-empty wallets. USD Coin (USDC) follows with 4 million non-empty wallets. Ultimately, Chainlink (LINK) ranks last on the list with 802.5K non-empty wallets.

XRP Tops Search Rankings

XRP’s growing adoption is not only visible on wallet growth, but also in search rankings. Just a day ago, a report by The Crypto Basic showed how the fifth-largest crypto by market cap topped search rankings, beating the likes of Bitcoin and BNB.

The data, shared by community figure Moonkie, reveals that XRP has surged to the top spot as the most searched crypto, with a total of 32,000 searches. 

In comparison, Bitcoin recorded 26,000 searches, securing the second position, while BNB and Ethereum followed with 22,000 and 18,000 searches, respectively. This trend highlights XRP’s increasing visibility and growing attention among crypto enthusiasts.

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