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XRP achieves new highs with over 5 million active accounts

XRP

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TL;DR

  • The number of active accounts holding XRP has surpassed five million, a significant milestone for the cryptocurrency community.
  • This increase in XRP holders was reported by XRPScan, highlighting a renewed investor interest and trust in XRP.
  • The stagnation of the XRP holder count, which lasted for nearly two years, has been broken, indicating a new era of growth for the digital currency.

In a significant development for the cryptocurrency community, the number of active accounts holding XRP has surpassed the five million mark. This breakthrough, noted by XRPScan, the leading XRP Ledger explorer, indicates investors’ growing interest and trust in XRP. The stagnation in the number of XRP holders, which persisted around the 4 million range for nearly two years, has finally been overcome, marking a new era of expansion and acceptance for the digital currency.

As of now, the active XRP addresses stand at 5,000,315. These accounts cumulatively hold 99.98 billion XRP, amounting to a fully diluted valuation of approximately $56.41 billion. This growth reflects the increasing adoption of XRP and underscores the expanding landscape of the cryptocurrency market as a whole.

Distribution and escrow: Insight into XRP holdings

The distribution of XRP holdings presents an intriguing picture of the current state of the market. Notably, a significant portion of the total XRP supply, about 40.5 billion tokens, is locked in escrow services. This leaves around 59.46 billion tokens in circulation. The escrow mechanism, primarily used by Ripple, the American crypto payment firm, provides stability and predictability to the XRP supply.

Furthermore, the data reveals that Ripple holds a substantial amount of these tokens, with approximately 40 billion XRP tokens in escrow and around 5 billion in spendable wallets. Following Ripple, large quantities of XRP are held by prominent crypto exchanges such as Binance, Uphold, UPbit, and Kraken, highlighting the institutional interest in XRP.

An interesting aspect of XRP’s distribution is the incineration process, which has permanently removed 11,988,738 XRP from circulation since its inception. This method contributes to a deflationary aspect of the digital currency, potentially impacting its value over time.

XRP’s holder landscape: A detailed overview

The XRP rich list offers a detailed view of the distribution among holders. A striking contrast is observed between the upper and lower ends of the spectrum. Only 85 wallets hold 500 million XRP or more, demonstrating the concentration of wealth at the top. Conversely, most 1,520,402 addresses hold less than 20 XRP, indicating a wide base of small-scale investors.

The bulk of XRP holdings, however, lie in the middle range. About 2,409,294 wallets hold between 20 and 500 XRP, collectively owning 181.99 million XRP. This data points to a significant portion of the XRP community being moderate investors, which could reflect retail participation in the cryptocurrency.

Among the top 50 XRP holders, notable figures such as Chris Larsen, the Chairman of Ripple, feature prominently. Larsen alone holds over two billion XRP, distributed across five wallets. This highlights the influence of key individuals in the XRP ecosystem and underscores the varying scales of investment within the community.

Crossing the five million active accounts’ threshold by XRP holders marks a pivotal moment in the cryptocurrency’s journey. It reflects a growing trust and interest in XRP as a digital asset and signifies a broader acceptance of cryptocurrencies in the financial world. As the landscape of digital currencies continues to evolve, the role of XRP and its growing community of holders will undoubtedly be a key area to watch.

Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decision.

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Mutuma Maxwell

Maxwell especially enjoys penning pieces about blockchain and cryptocurrency. He started his venture into blogging in 2020, later focusing on the world of cryptocurrencies. His life's work is to introduce the concept of decentralization to people worldwide.

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