Ripple (XRP) has seen a surge in the number of active wallets, reaching a record high in January 2024, as reported by Santiment. This growth indicates increasing adoption and investor interest in XRP, despite a bearish market trend.
Ripple’s Milestone Achievement
Achieving a significant milestone, the number of XRP Ledger (XRPL) wallets with non-zero balances has soared to 5.08 million, marking a 170% increase since early 2020. This growth is a testament to Ripple’s expanding footprint in the cryptocurrency space over the past decade.
The data also highlights a threefold rise in the number of wallets since May 2019, demonstrating a 300% increase in XRP holders over five years. Alongside wallet growth, transaction activity on the XRP ledger has reached new heights, with inter-wallet transactions hitting a record 6 million at the start of the current month.
The Downtrend in XRP
Despite these achievements, XRP’s market sentiment remains bearish, with its trading price at $0.5268, significantly lower than its peak of around $0.9 in July. The low trading volume suggests waning investor interest or confidence. Technical indicators like the Relative Strength Index (RSI) and On-Balance Volume (OBV) show limited positive momentum, while the Moving Average Convergence Divergence (MACD) values confirm the ongoing bearish trend.
Overall, Ripple’s user base expansion contrasts with the negative market sentiment, as evidenced by the all-time high wallet count and record transaction activity on the XRPL. However, the current price and trading volume of XRP reflect a market still in a downtrend, awaiting potential shifts in investor sentiment or market dynamics.