Ripple (XRP) has experienced a significant increase in the number of wallets with a non-zero balance, indicating a rise in adoption and investor interest. According to data shared by the crypto analytics firm Santiment, the number of XRP Ledger (XRPL) wallets holding more than zero XRP reached an all-time high in January 2024.
Ripple’s Milestone Achievement
This peak represents a significant milestone after more than a decade. At the time of writing, the number of XRPL wallets was at 5.08 million. Since the beginning of 2020, there has been a remarkable 170% increase in the number of XRP wallet holders. The total number climbed from approximately 2.5 million at the start of 2021 to over 5 million in 2024.
Santiment data also reveals that the number of wallets containing more than zero XRP has tripled since May 29, 2019. This shows a more than 300% increase in the number of XRP holders over the last five years. Additionally, XRPscan reported that transaction activity on the XRP ledger has also reached new dimensions. Inter-wallet transactions hit around 6 million at the beginning of this month, setting a new record for the platform.
The Downtrend in XRP
Despite the milestones, the market sentiment towards XRP continues to be predominantly bearish. At the time of writing, XRP was trading at $0.5268. This could represent a significant drop from the peak price of around $0.9 in July. The trading volume remained quite low, which could indicate a decrease in investor interest or confidence. The Relative Strength Index (RSI) recorded a slight increase to 37.29 from the previous oversold value of 29.99 on January 25.
Additionally, the On-Balance Volume (OBV) recorded a value of 28.5 billion, providing information on limited positive volume momentum. Moving Average Convergence Divergence (MACD) values further supported the bearish trend. At the conclusion of the experts’ analysis, the signal line was at -0.018, the histogram at -0.0005, and the MACD line at -0.019. All these could point to a currently negative trend.
