cryptopolitan.com
In a recent development that marks a significant milestone in cryptocurrency, XRP Ledger has recorded an unprecedented increase in small XRP wallets. This growth indicates a heightened interest in XRP, the sixth-largest cryptocurrency by market capitalization.
Unprecedented growth in XRP Ledger
According to a report by Santiment, a leading on-chain data aggregator, the XRP Ledger now boasts over 5.02 million wallets holding more than zero XRP coins. This figure represents the highest number of small wallets in the more than ten years since XRP has been publicly traded.
The report highlights a remarkable growth of over 104% in the wallet network expansion over the last three years. In contrast, as of January 31, the total count of wallets with more than zero XRP stood at 1.5 million, underscoring the rapid increase in wallet creation and adoption.
📈 #XRPLedger now has 5.02M distinct wallets that hold more than 0 $XRP coins, the most in its now 10+ years of public trading years. The #6 asset in #crypto by market cap has more than doubled such wallets in 3 years (+104%) as the network expands. https://t.co/YZBcHsOuSS pic.twitter.com/o0m6PKE0Re
— Santiment (@santimentfeed) January 27, 2024
This surge in XRP wallets indicates growing investor interest and broader adoption of the XRP Ledger. The Ledger’s enhanced scalability and efficiency in processing transactions may contribute to this significant uptick in new wallet creation.
Rising activity among XRP whales
Parallel to the increase in small wallet holders, there has been a notable rise in whale activity within the XRP ecosystem. Large transfers of XRP to centralized cryptocurrency exchanges have been observed, signaling heightened trading and investment activities among larger holders. This uptick in whale activity could influence the market dynamics of XRP, given the substantial volumes involved in these transactions.
The involvement of large-scale investors and their transactions often indicate the market’s direction and investor sentiment. The increased activity among XRP whales could reflect strategic movements anticipating market shifts, or as responses to broader economic factors impacting the cryptocurrency market.
Gemini exchange embraces XRP
Gemini, a cryptocurrency exchange founded by the Winklevoss twins, announced listing an XRP/GUSD perpetual contract. This addition marks a significant endorsement for XRP, as Gemini is renowned for its stringent listing criteria and regulatory compliance.
The introduction of the XRP/GUSD perpetual contract enables traders to speculate on the price of XRP without a set expiration date, offering flexibility and continuous trading opportunities. This development not only provides XRP with greater visibility and accessibility but also broadens the range of financial instruments available to traders on the Gemini platform.
In addition to XRP/GUSD, Gemini offers perpetual contracts for other major cryptocurrencies, including BTC/GUSD and ETH/GUSD, further expanding its derivatives offerings. The listing of XRP by such a prominent exchange is a positive signal for its supporters and may contribute to its wider adoption and integration into more mainstream financial platforms.