Despite facing selling pressure with a 15% price drop over the last 30 days, Ripple’s native asset on the XRP Ledger, XRP, has achieved a significant milestone. This development has sparked discussions about a potential rally for the altcoin.
XRP Ledger Reaches 5 Million Wallet Milestone
On-chain data provider Santiment reports that the XRP Ledger has reached a pivotal point, now hosting over 5.02 million unique wallet addresses holding XRP. This record number of wallets marks the highest in the ledger’s decade-long public trading history, indicating significant growth in wallet adoption over a three-year period, with a 104% increase.
Is a Rally on the Horizon for XRP?
Despite strong selling pressure, analysts agree that XRP’s price may be poised for a substantial bounce, with crypto analyst XRP Whale predicting a significant rally in the short term. The analysis highlights active buyer participation, defending the $0.52 – $0.48 range, and points to positive market dynamics, including a Bullish Gartley pattern’s second reversal.
Furthermore, an anonymous host and analyst from the crypto-focused YouTube channel Discover Crypto expects a tenfold price increase for XRP, contingent on the resolution of Ripple’s legal dispute with the U.S. Securities and Exchange Commission (SEC). The resolution of this “Dark Cloud” is anticipated to clear market uncertainties.
The analyst identifies legal clarity following the dispute resolution and Ripple’s potential for an IPO as secondary and tertiary rally triggers. However, Ripple CEO Brad Garlinghouse has stated that they have canceled plans for an IPO in the U.S. The analyst also suggests that regulatory clarity in the U.S. could benefit the broader crypto market, with XRP being a prime beneficiary once comprehensive regulation is enacted.