Ripple‘s platform asset XRP, on the XRP Ledger, has faced some selling pressure with a 15 percent price drop over the last 30 days. Despite this selling pressure, XRP has reached a significant milestone, which has led to speculation about a potential rally on the horizon for the altcoin.
There Are Now Over 5 Million Different Wallet Addresses on the XRP Ledger
On-chain data provider Santiment reported that a significant milestone has been reached on the XRP Ledger, with the platform now hosting over 5.02 million different wallet addresses holding XRP. This achievement corresponds to the highest number of unique wallets in the XRP Ledger’s decade-long public trading history.
Current data reveals significant growth in wallet adoption for XRP, the fifth-largest altcoin by market value. Over a three-year period, the number of wallet addresses holding XRP has more than doubled, increasing by a notable 104 percent. This increase in wallet addresses aligns with the ongoing expansion of the XRP Ledger platform and highlights the high interest and participation in the XRP community.
Is an XRP Rally on the Horizon?
Despite facing strong selling pressure, analysts agree that XRP’s price is poised for a strong bounce and that the altcoin is preparing for its next phase of price increase. Crypto analyst and XRP supporter XRP Whale predicts a significant rally for the altcoin in the short term.
XRP Whale’s analysis highlights the active participation of buyers who are strongly defending the $0.52 – $0.48 range, pointing to positive market dynamics. In particular, the Bullish Gartley formation’s second type reversal and engulfing bullish candlestick contribute to the optimistic outlook for XRP.
Furthermore, the anonymous host and crypto analyst of the popular crypto-focused YouTube channel Discover Crypto expects a tenfold price increase for XRP. The main trigger for the anticipated major rally is the resolution of the legal dispute between Ripple and the U.S. Securities and Exchange Commission (SEC). The analyst refers to the SEC case as a “Dark Cloud” and suggests that resolving this legal dispute will eliminate uncertainties in the market.
According to the analyst, the second and third rally triggers for XRP will be the legal clarity achieved after the dispute resolution and Ripple’s potential for going public. It’s worth noting that Ripple CEO Brad Garlinghouse has announced the cancellation of their plans for an IPO in the U.S.
The host of Discover Crypto adds that achieving legal clarity will prompt multiple crypto exchanges that delisted XRP to reconsider and potentially relist it, which could have a similar impact to Coinbase’s IPO in 2021 on Bitcoin (BTC). The analyst also mentions that the fourth trigger for the expected rally will be crypto regulation in the U.S. The analyst believes that while the entire crypto market will benefit from regulatory clarity, XRP is a key candidate to be the most significant beneficiary once comprehensive regulation is implemented.
