Despite a recent 15% price drop, Ripple’s XRP has achieved a significant milestone by surpassing 5 million wallet addresses on the XRP Ledger. This growth has sparked discussions about a possible upcoming rally for the altcoin.
Expanding User Base on the XRP Ledger
Santiment, an on-chain data provider, reported that the XRP Ledger now hosts over 5.02 million unique wallet addresses, marking the highest number in its decade-long history. This milestone reflects a 104 percent increase in wallet addresses over the past three years, indicating the XRP Ledger’s expansion and the community’s growing interest.
Analysts believe that, despite the selling pressure, XRP’s price is set for a rebound. Crypto analyst XRP Whale predicts a significant short-term rally, citing active buyer participation and positive market dynamics, including a Bullish Gartley formation and an engulfing bullish candlestick pattern.
The anonymous host of the YouTube channel Discover Crypto forecasts a tenfold increase in XRP’s price, contingent on the resolution of Ripple’s legal battle with the U.S. Securities and Exchange Commission (SEC). The analyst suggests that legal clarity and the possibility of Ripple going public could further fuel the rally.
Achieving legal clarity may lead to the relisting of XRP on crypto exchanges, potentially impacting its price similarly to Coinbase’s IPO effect on Bitcoin. The analyst also notes that impending crypto regulations in the U.S. could be advantageous for XRP, positioning it as a primary beneficiary in a regulated market.