XRP Explodes: 5 Million Wallets Join Network as Whales & Exchange Fuel Rally

Published by

Mustafa Mulla

January 27, 2024

In a remarkable turn of events, the XRP Ledger, the blockchain behind the renowned XRP cryptocurrency, is experiencing an impressive surge in small XRP wallets. This marks a pivotal moment in the blockchain’s ten-year history.

Furthermore, recent activity among XRP whales has sparked interest, with hundreds of millions of XRP migrating to centralized cryptocurrency exchanges.

XRP Wallets Surge

A recent report from on-chain data aggregator Santiment reveals that the XRP Ledger now boasts an astonishing 5.02 million wallets holding more than zero XRP coins. This surge represents the highest number of whale addresses ever recorded in the ten-year history of XRP’s public trading.

Comparing the current figures to just three years ago is truly remarkable. On January 31, the total count of wallets holding more than zero XRP was a mere 1.5 million. This exponential growth signals widespread adoption and heightened interest in the XRP ecosystem.

Also Read: Top Hints That Suggest Ripple Could Be Launching an XRP ETF Soon

Gemini’s Strategic Move

In a significant move earlier this week, Gemini, the crypto exchange founded by the Winklevoss twins, announced the listing of a perpetual XRP/GUSD contract. The announcement follows days of cryptic teasers on the exchange’s Twitter account, hinting at the impending addition of an XRP-related product.

Perpetual contracts, a popular type of derivative, empower traders to speculate on the price of an underlying cryptocurrency without a set expiry date. Gemini extends this offering to various pairs, including BTC/GUSD, ETH/GUSD, and PEPE/GUSD.

Max Keiser’s Cautionary Outlook

In a contrasting perspective, Max Keiser, a prominent Bitcoin advocate, has expressed skepticism about XRP’s future. Terming it as “centralized garbage,” Keiser predicts a potential plummet of XRP to $0.01. His reservations extend to other altcoins, with SOL among those facing similar predictions.

Keiser’s comments reflect ongoing debates about the long-term viability and decentralization of XRP.

Read More: XRP Price Analysis: Here Are Key XRP Levels to Watch Over the Weekend

Is XRP on the verge of a breakout? Share your thoughts.

Mustafa Mulla

Mustafa has been writing about Blockchain and crypto since many years. He has previous trading experience and has been working in the Fintech industry since 2017.