XRP Epic Milestone Sees 59.8 Billion XRP Spread Among 5 Million Holders

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Written By Maya Cantina

Thu, 7/03/2024 – 15:40

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XRP, the sixth-largest cryptocurrency, has seen a spectacular increase in adoption and distribution, with over five million accounts currently holding 59.8 billion XRP, according to the most recent data from Xrpl Services, an XRP Ledger explorer.

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According to data from the Xrpl services platform, there are 5,089,197 XRP accounts. The number of accounts with zero balances is 1,592. This means that 59,879,274,264 XRP are held in roughly five million accounts, demonstrating increased demand and interest in the digital asset.

In 2023, a U.S. judge determined that XRP is not a security in and of itself, giving the cryptocurrency regulatory certainty.

The sixth-largest cryptocurrency has also benefited from the overall bullish sentiment and momentum on the crypto market, which has seen the total market cap surpass $2 trillion and the Bitcoin price reach all-time highs of over $69,000.

Even though the XRP price has relatively underperformed in comparison to other altcoins, the data revealing the number of accounts and total XRP holdings might reveal resilience on the part of XRP holders.

XRP continues to benefit from rising interest and demand from institutional investors, who have flocked to the crypto space in pursuit of alternative and innovative assets, triggering $2.5 million in inflows in the past week, per the latest CoinShares report.

XRP price action

At the time of writing, XRP had risen 4.26% in the previous 24 hours to $0.628 in its second day of recovery following its sharp plunge on March 5. XRP hit intraday highs of $0.63, with the next goal of $0.67.

XRP fell from $0.67 on March 5, signaling that bears are vigorously defending the price.

The bears will once again attempt to defend the $0.67 level. If they do so, it will signal range-bound action shortly. XRP may fluctuate between the 50-day SMA and $0.67 for a little while.

The price recovered from the 50-day SMA of $0.547, indicating that bulls continue to buy on strong falls. XRP might make one more try to overcome the overhead barrier at $0.67 and begin its rise to $0.74.

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