XRP, the fourth-largest cryptocurrency by market capitalization, has witnessed impressive growth in both price and holders. On-chain analytics firm Santiment reported a surge in nonempty XRP wallets, reflecting significant growth in the cryptocurrency sector over the past two years. This trend aligns with rising wallet counts for major digital assets like Bitcoin and Ethereum.
Wallet Growth Across Top Cryptocurrencies
Santiment revealed that the last two years have seen an increase in cryptocurrency holders. Bitcoin wallets grew to 54.7 million, marking a 27% rise. Ethereum wallets reached 134.9 million, up by 47%. Tether wallets increased by 66%, reaching 6.57 million.
XRP wallets also expanded by 5.75 million, representing 28% growth. XRP’s wallet growth coincides with its price surge. According to CoinGecko, XRP prices have risen 253% year-on-year, signaling heightened investor interest.
Related article: XRP Struggles to Hold $2 as $24 Billion Vanishes from Market Cap
Despite a recent dip of 2.78%, bringing its price to $2.19, XRP’s overall performance indicates strong momentum.
Regulatory Clarity Drives Parabolic Growth
Santiment observed a sharp increase in XRP wallets beginning October 18. This rise correlates with regulatory clarity around XRP’s status and a surge in on-chain activity. In July 2023, a court ruled that XRP is not a security, marking a significant win for Ripple. Although the SEC announced an appeal regarding some distributions, it did not challenge the court’s finding that XRP itself is not a security.
Related article: XRP Battles Selling Pressure, Targets $2.50 Breakthrough
Ripple’s Q3 data shows a rebound in on-chain activity, with successful transactions more than doubling compared to Q2. The increase stemmed largely from microtransactions involving less than 1 XRP. This resurgence followed a dip in activity during May and June, demonstrating renewed interest and network utility.
XRP’s parabolic growth in wallets and price highlights its resilience and growing appeal in the crypto market. Improved regulatory clarity and a boom in microtransactions have positioned XRP as a strong contender in the evolving digital asset landscape.
