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$XRP, the sixth-largest cryptocurrency, has seen a spectacular increase in adoption and distribution, with over five million accounts currently holding 59.8 billion $XRP, according to the most recent data from Xrpl Services, an $XRP Ledger explorer.
According to data from the Xrpl services platform, there are 5,089,197 $XRP accounts. The number of accounts with zero balances is 1,592. This means that 59,879,274,264 $XRP are held in roughly five million accounts, demonstrating increased demand and interest in the digital asset.
In 2023, a U.S. judge determined that $XRP is not a security in and of itself, giving the cryptocurrency regulatory certainty.
The sixth-largest cryptocurrency has also benefited from the overall bullish sentiment and momentum on the crypto market, which has seen the total market cap surpass $2 trillion and the Bitcoin price reach all-time highs of over $69,000.
Even though the $XRP price has relatively underperformed in comparison to other altcoins, the data revealing the number of accounts and total $XRP holdings might reveal resilience on the part of $XRP holders.
$XRP continues to benefit from rising interest and demand from institutional investors, who have flocked to the crypto space in pursuit of alternative and innovative assets, triggering $2.5 million in inflows in the past week, per the latest CoinShares report.
$XRP price action
At the time of writing, $XRP had risen 4.26% in the previous 24 hours to $0.628 in its second day of recovery following its sharp plunge on March 5. $XRP hit intraday highs of $0.63, with the next goal of $0.67.
$XRP fell from $0.67 on March 5, signaling that bears are vigorously defending the price.
The bears will once again attempt to defend the $0.67 level. If they do so, it will signal range-bound action shortly. $XRP may fluctuate between the 50-day SMA and $0.67 for a little while.
The price recovered from the 50-day SMA of $0.547, indicating that bulls continue to buy on strong falls. $XRP might make one more try to overcome the overhead barrier at $0.67 and begin its rise to $0.74.