Cryptocurrency world’s sixth-largest currency, XRP, has experienced a notable increase in adoption and distribution, now held by over five million accounts with a total of 59.8 billion XRP, according to recent data from XRP Ledger explorer Xrpl Services. This development could signal a critical stage for XRP. However, it is necessary to take into account the XRP held by Ripple itself.
XRP Adoption
According to data from the Xrpl service platform, there are 5,089,197 XRP accounts. Only 1,592 of these have a zero balance. This indicates that approximately 59,879,274,264 XRP is distributed across nearly five million accounts, showing a significant increase in demand and interest in this digital asset.
In 2023, a US judge clarified that XRP is not a security in itself, providing regulatory certainty to the cryptocurrency and further strengthening investor confidence.
The overall upward trend in the cryptocurrency market, where the total market value exceeded 2 trillion dollars and Bitcoin reached an all-time high of over $69,000, also contributed to XRP’s success.
Increased Institutional Interest and Inflows
Despite XRP’s relatively low performance compared to other altcoins, data revealing the number of accounts and total XRP holdings indicate resilience among XRP holders.
According to CoinShares, XRP continues to attract interest and demand from institutional investors, with recent reports showing an inflow of $2.5 million just last week.
How Much is Ripple in Turkish Lira?
At the time of writing this article, XRP has risen to $0.628, a 4.26% increase over the past 24 hours, marking its second consecutive recovery day after a sharp decline on March 5th. The cryptocurrency reached its intraday high of $0.63 and the next target is set at $0.67. In Turkish Lira, Ripple is trading at the level of 20.23.
Bears pushed the price down from the $0.67 level on March 5th. However, $0.63 has become a support point. With bulls entering the fray, XRP may fluctuate between the 50-day SMA and $0.67 in the near term, suggesting range-bound trading.
Nevertheless, the recovery from the 50-day SMA level of $0.547 indicates that bulls are still buying on significant dips. XRP has the potential to make another attempt to overcome the general resistance at the $0.67 level, potentially paving the way for a rise towards $0.74.
