Massive Potential Ahead for Ripple (XRP) as Adoption is Still in its Early Stage: Report

2023-10-14 06:55:50

TL;DR

Recent data suggests XRP adoption is still in early stages, with over 3.6 million wallets holding less than 500 XRP; around 17% of total XRP wallets (4.8 million) were created since the start of 2023, indicating rising interest.
Large investors, or “whales,” have been accumulating XRP, with their holdings representing 27% of the total circulating supply, up from a previous value of $7.16 billion in October 2022.
Analysts are optimistic about XRP’s future value, influenced by Ripple’s court wins against the SEC and potential factors like banking collaborations, market trends, and technological advancements.

‘Factor This Into Your Estimates’

According to the most recent data, XRP adoption might be still in its early days. The X (Twitter) user FrancisBovineSwift shared the stats, saying there are over 3.6 million wallets holding less than 500 XRP (equaling around $240 at current rates)

The majority of those addresses hold between 20 and 500 tokens, while the rest own up to 20 coins (less than a mere $10).

Next time you are looking at the site, and wondering where you stand, remember that out of the 4.8 million wallets, over 3.6 million wallets hold less than 500 XRP.

Factor this in to your estimates when factoring in the other 8 billion souls walking this… pic.twitter.com/C37QBI6hre

— FrancisBovineSwift 🏴‍☠️ 🧸 (@SwiftBovine) October 12, 2023

AsCryptoPotatoreported earlier this month, the total XRP wallets stand at over 4.8 million. About 17% of that amount was generated since the beginning of 2023, meaning investors have shown a growing appetite for Ripple’s native token amid the company’s success in its court dispute with the US Securities and Exchange Commission (SEC).

Sharks and Whales Have Been Quite Active

While most investors have a relatively small exposure to XRP, those holding between 100K and 100M XRP have been on an accumulation spree lately.

Sharks and whales currentlyownalmost $7.9 billion worth of the asset, representing almost 27% of the total circulating supply. In comparison, those large investors possessed $7.16 billion worth of XRP in October 2022 (a month beforethe FTX meltdown).

Several analysts have laid out optimistic price predictions for the asset, considering Ripple’s twocourt victoriesin a row against the SEC and the possibility of an overall crypto bull run next year. ChatGPT alsothinksthat the asset might thrive in 2024 should vital elements like new banking collaborations, favorable macroeconomic conditions, market trends, and technological developments be in place.

Those willing to find out how high XRP could go during the next bull run can take a look at our dedicated video below:

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