Incoming Milestone Could Be Very Bullish For XRP Price, Here’s Why

Share This Post

Since Judge Analisa Torres’s ruling back in July that programmatic XRP sales do not qualify as securities, the token has been on an upward trajectory in terms of growth. This time around, the XRP Ledger is close to another enormous milestone, which could spell good news for the XRP price going forward.

Accounts On XRP Ledger Near 5 Million Mark

In an interesting turn of events, the number of accounts that are present on the XRP Ledger has been rising rapidly. This has seen the metric barrel toward the 5 million total accounts milestone as it is currently sitting at an impressive 4,781,844 million accounts, according to data from XPR Ledger Services.

The site’s data also shows other impressive metrics about the blockchain such as only 1,116 accounts on the Ledger are carrying a 0 balance. This means that only 0.023% of the entire XRP holder base on the ledger is carrying a 0 balance.

XRP Ledger accounts

Of the 100 billion total XRP supply, 58,682,136,692 (58.6%) are currently sitting in holder accounts, with 41,306,191,412 (41.3%) still held in escrow. This amount held in escrow is released periodically and was designed that way to last until the total XRP supply is exhausted.

Going further, a significant number of XRP tokens are also sitting as reserves (tokens in wallets that cannot be spent). The current Total Account Reserves came in at 47,818,440 and Total Owner Reserves is sitting at 13,608,012.

How Will It Affect The XRP Price?

The rapid rise in the number of accounts on the XRP Ledger points to an increase in interest from crypto investors. In this case, as interest rises, so will demand for the XRP token, which would, in turn, lead to a rise in the XRP price.

Analysts have also been incredibly bullish on the XRP price. In one instance, a Wells Fargo Manager forecasted that the price of the altcoin could rise as high as $500, citing Ripple capturing the cross-border payments sector by 2027.

Another interesting forecast put the XRP price at $10,000, once again, citing Ripple’s rising market share in the payments sector as a driver. A more conservative crypto analyst put the token’s price at $130 after it formed a rare triangle pattern on its chart.

Despite these very bullish predictions, the XRP price continues to struggle at this point. It is still trading well below the $0.5 resistance which has become the important level to beat. At the time of writing, it’s sitting at $0.49, recording meager gains of 0.03% on the daily chart. Although there is a more significant 5.52% gain on the weekly chart.

Ripple XRP price chart from Tradingview.com

Read Entire Article
spot_img
- Advertisement -spot_img

Related Posts

Will Donald Trump’s Crypto Policies Drive Bitcoin to $120K? Frank Holmes Weighs In

The post Will Donald Trump’s Crypto Policies Drive Bitcoin to $120K Frank Holmes Weighs In appeared first on Coinpedia Fintech News In a Kitco news interview, Frank Holmes, CEO of US Global

Switzerland Approves Bitcoin Mining Probe By Landslide Decision – Details

Switzerland has officially passed legislation to explore Bitcoin mining, signaling a growing acceptance among traditional financial institutions and governments worldwide  This initiative, reported

Tether Discontinues Support for EURT, Set to Prioritize USDQ and EURQ

Tether’s decision to discontinue EURT and prioritize USDQ and EURQ highlights the company’s forward-looking approach Tether is Phasing out EURT Tether has decided to pull the plug on

Elon Musk’s D.O.G.E. Targets The IRS: Taxman In The Crosshairs Of Budget Cuts

The incoming heads of the newly established Department of Government Efficiency (DOGE) have an ambitious plan of slashing federal agencies’ spending by $2 trillion, locking in its crosshairs

Coinbase to End USDC Rewards in Europe Amid Regulatory Changes

The post Coinbase to End USDC Rewards in Europe Amid Regulatory Changes appeared first on Coinpedia Fintech News Coinbase has announced that it will stop offering USDC rewards to users in the

Solana (SOL) Momentum Builds: $250 Could Just Be The Beginning

Solana started a fresh increase from the $220 zone SOL price is rising and aiming for a sustained upward move above the $250 resistance SOL price started a fresh increase after it settled above the