Ripple Close to a Huge Adoption Milestone: Will the XRP Price Follow?

9 months ago 7

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TL;DR

XRP is on the verge of a significant milestone, hinting at growing adoption and attracting investor interest.
Analyst optimism points towards a potential price rally for XRP, with expectations of surpassing a crucial resistance level.

Despite not performing as well as other cryptocurrencies, Ripple’s XRP is quite close to blasting through an important milestone.

According to XRPL Services, the total amount of XRP tokens held in accounts is just south of the 60 billion mark (equaling over $37 billion at current rates). The figure represents around 60% of the asset’s total supply.

The number of addresses with zero balances is 1,595, meaning the stash is distributed between less than 5.1 million accounts. Recall that the 5 million level was surpassed at the start of the year.

Other figures, such as XRP payment volume from one account to another and newly activated accounts, have also witnessed some resurgence. However, executed transactions and the average number of transactions per ledger remain far below the peak levels.

Increasing XRP adoption rate can lead to improved liquidity, meaning large transactions can occur without a significant impact on the valuation.

It might also enhance the cryptocurrency’s reputation among the general public. Those factors can attract more retail and institutional investors, possibly triggering a price rally.

Numerous analysts remain optimistic that the following months would be highly beneficial for XRP. The X user Dark Defender recently observed certain indicators like MACD (Moving Average Convergence Divergence) and Ichimoku to set a price tag of over $1 reached by the beginning of April.

Alex Cobb chipped in, too, arguing that XRP could explode to an all-time high in the near future should it surpass the key resistance level of around $0.63.

Those willing to check which seven signs hint that the asset’s value might be gearing up for a serious pump this year, feel free to watch our dedicated video below: