The number of $XRP token holders with at least one million tokens on the cryptocurrency’s ledger has now surpass the 1,900 mark as an accumulation trend set off earlier this month was triggered by an uptick in investor sentiment.
According to on-chain data, there are now 1,988 XRP wallets holding at least one million XRP, with 1,451 of these wallets – equivalent to 72% of the total – boasting balances between 1 million and 5 million XRP. These wallets, together, hold a a cumulative balance of a staggering 2.69 billion XRP, translating into a valuation of $2.08 billion.
As reported, the data also points to 172 wallets holding between 5 million and 10 million XRP, which hold an aggregate 1.19 billion tokens. A further breakdown reveals 150 wallets with balances between 10 million and 20 million XRP, and 56 wallets holding a quantity of XRP between 100 million and 500 million.
Despite growing demand for the cryptocurrency, wallets holding above 500 million XRP have not registered a significant increase. There are currently 23 wallets with balances spanning from 500 million to 1 billion XRP, and a scant four accounts that exceed 1 billion XRP, which are likely attributed to exchange wallets.
On-chain data further reveal that the total number of wallets holding XRP is now 4,705,298, demonstrating a recovery from a mid-June low of 4,659,167, likely triggered by the deletion of over 85,000 XRP wallets by Poloniex.
Notably, the XRP token has seen its trading volume skyrocket to surpass that of the flagship cryptocurrency Bitcoin ($BTC), with Ripple’s Chief Technology Officer, David Schwartz, saying that XRP’s volume as a percentage of market ccapitalization quadruples that of BTC.
As CryptoGlobe reported, various analysts have been bullish on the cryptocurrency after the ruling came out, with a popular crypto analyst recently revealing he sees the cryptocurrency’s price explode to $6.
Earlier, analyst analyst Michaël van de Poppe focused on XRP saying he envisions a potential downward adjustment to approximately $0.65. This dip, however, is not cause for concern, as Van de Poppe believes it could set the stage for a bullish resurgence. According to his analysis, the post-dip rally could escalate XRP’s value to a high of $0.90.
Featured image via Pixabay.
