Ledger reaches 7.7 million holders or non-empty wallets for the first time in 13 years. This boom shows strong trust in Ripple. Check out the details below.
Recently, Ripple has been in the headlines as the XRP Ledger reached a new milestone. Notably, it now has over 7.7 million holders for the first time in 13 years. This historical record comes at a time when the XRP price has been rising. This altcoin has flipped BNB and now sits at fourth in the biggest cryptos by market cap list.
XRP Ledger Records Growth in Number of Holders
According to Santiment data, the XRP Ledger has now hit a new high. It reached 7.7 million holders (non-empty wallets) for the first time in its 13-year history. People are gravitating towards the XRP Ledger as its usage grows.
In addition to new holders, users seem to be more active on the network. Santiment also shows that daily active addresses on the XRP Ledger hit a 5-week high with 46,767 daily active addresses.
The reason for the activity spike can be traced to the start of February, right when the XRP price was sitting at around $1.20. During this time, traders started to accumulate it as its value was quite low. As the value of the Ripple coin started to rise recently, the daily activity of XRPL users also began rising.
Recent Developments Fuel Positive XRP Price Trends
The recent increases in wallets and active addresses for the XRP Ledger show an improvement in the performance of the Ripple coin, too. For instance, Santiment pointed out that the active address increase came as the XRP price jumped 14% in a 48-hour span. At one point, the value of Ripple even soared to $1.60.
When it comes to the weekly performance, the XRP price increased from around $1.40 to over $1.50 as per CoinMarketCap. The Ripple market cap also pumped to around $92 billion, which made it surpass BNB as it has a $91 billion market cap. Therefore, XRP is now the fourth biggest crypto coin in terms of market cap.
Technical Indicators Paint a Different Picture for Ripple
Amid all this movement, the technical indicators for the Ripple coin are showing different signs. For example, Investing.com data shows that the bull bear power indicator for XRP is now sitting in the sell zone. This indicator, combined with a rise in daily trading volume, displays a bearish divergence. In other words, the current uptrend for the XRP price may be losing momentum and a reversal could be ahead.
However, it is also worth noting that the wallet address and network activity jump may be seen as great signs for the long-term growth of this crypto. It shows that interest is still high in the Ripple coin and its ecosystem.