XRP, a prominent digital currency within the crypto space, has achieved a significant milestone, with over 5 million wallets now holding close to 60 billion XRP tokens, signaling a notable surge in adoption amidst a buoyant digital asset market.
Adoption milestone
As per data provided by XRPL Services, a leading XRP Ledger explorer, the number of XRP wallets has surpassed the 5 million mark, currently totaling 5,090,851. These wallets collectively hold an impressive sum of 59.87 billion XRP tokens. Moreover, a minimal number of wallets, only 1,595, are reported to have zero balances.
Legal clarity boosts confidence
This surge in adoption follows a significant legal development in 2023, when a US judge ruled that XRP was not a security when sold to retail investors, albeit with the stipulation that it was considered a security when sold to institutional investors.
This clarification provided by Judge Analisa Torres has boosted confidence in XRP among investors, contributing to its increasing popularity.
Despite regulatory challenges and legal uncertainties, XRP has demonstrated resilience in the market. Over the past week, XRP has experienced a 6.7% increase in value, with an impressive 65.9% surge over the past year. However, compared to other tokens, such as Solana (SOL), which soared by 641% in the same timeframe, XRP’s performance appears relatively subdued.
Anticipated price surge
Numerous analysts have forecasted a bullish trajectory for XRP, with predictions of a potential price surge soon. Notably, a prominent crypto trader, CoinsKid, has articulated a “blow-off top theory,” suggesting that XRP could skyrocket to $2 by July. Such projections have garnered attention within the crypto community, fueling optimism among XRP enthusiasts.
Potential for XRP ETF
In addition to price speculation, discussions surrounding the possibility of an XRP exchange-traded fund (ETF) have emerged. Ripple CEO Brad Garlinghouse has expressed openness to the concept, emphasizing that an XRP ETF would legitimize the cryptocurrency’s position within traditional finance.
Garlinghouse’s remarks come after the recent approval of eleven spot Bitcoin ETF applications in the United States, signaling a growing acceptance of digital assets within mainstream financial circles.
