Rapid Surge in XRP: Network Gains 5 Million Wallets as Whales & Exchanges Drive Rally
Key Highlights
Over the past three years, the number of XRP wallets holding more than 0 XRP coins has doubled, surpassing 5 million.
Gemini, a leading cryptocurrency exchange, has introduced a perpetual XRP/GUSD contract, which could boost XRP trading activity.
Bitcoin advocate Max Keiser remains doubtful about the future of XRP due to concerns about its centralization.
In an astonishing development, the XRP Ledger, the blockchain platform supporting the renowned XRP cryptocurrency, is witnessing a remarkable surge in the number of small XRP wallets. This represents a significant milestone in the blockchain’s decade-long history.
Additionally, recent activity among XRP whales has garnered attention, as hundreds of millions of XRP have been transferred to centralized cryptocurrency exchanges. Read on to learn more about this exciting development.
Surge in XRP Wallets
According to a recent report from on-chain data aggregator Santiment, the XRP Ledger now boasts an impressive 5.02 million wallets that hold more than zero XRP coins. This surge is the highest number of whale addresses ever recorded in the ten-year history of XRP’s public trading.
#XRPLedger now has 5.02M distinct wallets that hold more than 0 $XRP coins, the most in its now 10+ years of public trading years. The #6 asset in #crypto by market cap has more than doubled such wallets in 3 years (+104%) as the network expands.https://t.co/YZBcHsOuSS pic.twitter.com/o0m6PKE0Re
— Santiment (@santimentfeed) January 27, 2024
Comparing the current figures to just three years ago is truly remarkable. On January 31, there were only 1.5 million wallets holding more than zero XRP. This exponential growth indicates widespread adoption and increased interest in the XRP ecosystem.
Gemini’s Strategic Move
In a significant move this week, Gemini, the cryptocurrency exchange founded by the Winklevoss twins, announced the listing of a perpetual XRP/GUSD contract. The announcement followed several cryptic teasers on the exchange’s Twitter account, hinting at the upcoming addition of an XRP-related product.
Perpetual contracts, a popular type of derivative, allow traders to speculate on the price of an underlying cryptocurrency without a predetermined expiry date. Gemini offers this feature for various pairs, including BTC/GUSD, ETH/GUSD, and PEPE/GUSD.
Max Keiser’s Cautious Outlook
In contrast, Max Keiser, a prominent advocate for Bitcoin, has expressed skepticism about the future of XRP. He refers to it as “centralized garbage” and predicts a potential drop in XRP’s value to $0.01. His reservations extend to other altcoins as well, with SOL being one of the coins facing similar predictions.
Keiser’s comments reflect the ongoing debates surrounding the long-term sustainability and decentralization of XRP.
In conclusion, the XRP Ledger’s surge in small wallets and the migration of XRP by whales to centralized exchanges are significant developments in the cryptocurrency world. The introduction of a perpetual XRP/GUSD contract by Gemini also holds promise for boosting XRP trading activity. However, there are contrasting opinions about the future of XRP, with Max Keiser expressing caution due to concerns regarding centralization.