XRP has seen a price rebound of over 15% after initially hitting a 10-month high over the past week. Last week saw the world’s sixth largest cryptocurrency by market capitalization rise to more than $0.58. The last time this digital asset touched this mark was in May 2022. However, the coin has since entered a rebound losing more than 14% in 7 days.
According to a chart by TradingView, the coin is currently down around $0.51, where it has been for the past two days.
Is this just a correction or a downtrend?
With such a significant decline, Ripple has left many investors wondering if the coin is still in an uptrend or a complete trend reversal. However, recent events in the XRP ecosystem indicate that this is nothing to worry about.
Recent trends indicate that XRP is gaining more interest from investors, as evidenced by the growing number of cryptocurrency wallet addresses. An important trend is the continued growth in the number of XRP addresses containing $100,000 or more in assets. This year alone, there were more than 13,800 registered addresses of that amount or more.
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XRP address growth reaches new highs
An anonymous XRP supporter recently drew attention to this positive development in a tweet, highlighting a chart from Coin Metrics that revealed the growth in the number of XRP wallet addresses holding at least $100,000 of the cryptocurrency.
A CoinMetrics chart indicates that there has been a significant increase in the number of XRP addresses containing at least $100,000 worth of cryptocurrency since the beginning of this year. This growth trend is similar to what was observed in 2021 when the price of XRP surged to $1.96 in April, despite the SEC charges filed against Ripple in December 2020.
However, after peaking in 2021, the number of such addresses has begun to decline, indicating a significant distribution of XRP. This decline continued in an unexpected pattern throughout 2021 and 2022, with the number of addresses dropping below 8,000 in mid-2022. The recent increase in these addresses began shortly after this decline, and has gained momentum this year.
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according to facilitatora crypto intelligence platform, the recent spike in the number of XRP wallet addresses containing at least $100,000 worth of cryptocurrency has brought it to 13,871. In addition, the number of XRP addresses holding at least $1 million in assets has risen to 1,160, While addresses with at least $10 million now stand at 316.
Why is the price of XRP going up?
The recent surge in the number of XRP wallet addresses is becoming increasingly noticeable as the cryptocurrency’s price skyrockets, rising by more than 38% in the past month.
Moreover, as mentioned earlier, more than 50 whale addresses, containing between 10 million and 100 million XRP, were added to the network last month as the prices further increased. At the time of writing, XRP is selling at $0.5091 with a 24-hour trading volume of $704,489,689.
Featured image from Unsplash.com, chart from tradeview and coinmetrics.