thecryptobasic.com
Price upticks have not been the only bullish event in the XRP ecosystem in the past two months; the number of retail addresses has recorded its fastest historical growth.
Prominent market intelligence platform Santiment highlighted this bullish on-chain activity in a Thursday tweet. It noted that the surging traction towards XRP has seen the XRP Ledger record its fastest small wallet surge in its over 14-year history.
Surging XRP Accumulation Among Small Wallets
This growing accumulation did not subside while XRP dipped on Monday. For context, the crypto asset briefly capitulated to $2.6544 on the day but has rebounded over 16% since then.
Specifically, the number of wallets holding under 100 XRP has grown at its most sustainable and rapid rate in the ecosystem’s history. Per Santiment, this caliber of holders has ballooned 11.6% in the past two months amid surging prices.
The commentary further revealed that addresses with less than 100 XRP now control 4.34 million non-empty wallets on the XRP Ledger. This impressive number accounts for about 71.5% of the 6.07 million total wallets on the XRPL network.
Interestingly, XRP has extensively rewarded the growing traction with a nice pump. Specifically, the asset has surged over 85% during the two months of rapid wallet growth, swinging from under $2 to $3.39 before relinquishing some of its gains.
Market Top?
Meanwhile, Santiment clarified an inquiry if the retail influx into the XRPL network indicated that the asset has topped. For perspective, history suggests that retail presence signals a bull cycle is nearing its peak.
Great question. Typically, when small traders are rapidly pouring in to an asset that has already outperformed 98% of altcoins, it's a sign of FOMO & caution. However, with the pumps related to XRP's bullish real world events, this particular rise is arguably fairly valued.
— Santiment (@santimentfeed) January 30, 2025
The firm highlighted that although such accrual might indicate FOMO, the bullish events in the XRP ecosystem suggest the asset is fairly valued. Notably, positive occurrences like the launch of the Ripple USD (RLUSD) stablecoin and growing institutional appetite for the XRP, evident in the increasing exchange-traded funds (ETFs) filing, have spurred its meteoric rise.
Nonetheless, analysts expect these unfolding events to spur further upsides. For instance, market analyst Egrag recently speculated that XRP will attain a realistic value of $31.
In the meantime, XRP trades at $3.0898, down nearly 2% in the past day.