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Recent data from the XRP rich list indicates that the number of accounts holding more than 10,000 XRP tokens remains incredibly low.
Having launched over 13 years ago, XRP remains one of the oldest crypto assets that has still continued to command relevance in the market, maintaining a top 5 position. At its current price of $2.24, CoinMarketCap data indicates that XRP has seen an impressive 38,190% increase since it started trading in the public market.
XRP Market Still Early?
For context, a 38,000% increase would turn a $10,000 investment into a $3.81 million fortune, enough for some investors to retire. As a result of this historical performance, several investors who entered the market recently have continued to expect similar gains, especially with analysts insisting that the market is still early.
Interestingly, recent data spotlighted by pseudonymous market watcher Cryptobilbuwoo bolsters this narration. The market pundit pointed out data from the XRP Rich List, which indicates that only 330,000 accounts hold more than 10,000 XRP tokens.
This was the latest iteration of consistent disclosures the analyst has made regarding wallet balances. In previous commentaries, Cryptobilbuwoo insisted, “they want you out of the game,” referencing widespread speculations within the XRP community that large institutions may be looking to take out retail holdings to hoard the remaining XRP supply.
Notably, while these speculations remain unproven at press time, the commentary from Cryptobilbuwoo indicates that retail investors have continued to reduce their holdings, while whale balances increase. “People’s XRP holdings are getting less and less,” the analyst remarked.
Only 330K Wallets Hold 10,000+ XRP
Now, he’s calling attention to the fact that those holding more than 10,000 XRP, currently worth $22,400, remain few. At press time, there are exactly 329,176 accounts holding 10,000 XRP and more.
For perspective, this represents only 4.39% of the total existing XRP wallets, which currently stand at 7,488,982. However, Cryptobilbuwoo pointed out that, with some investors having more than one account, the actual number of people who hold more than 10,000 XRP may be much lower than 329,000.
Meanwhile, of the 329,000 wallets with 10,000 XRP and above, only 1,980 hold at least 1 million XRP, representing just 0.026% of the total wallets on the ledger. Further, accounts with at least 10 million XRP ($24 million) add up to just 508 globally.
Notably, as BTC currently trades for $92,000, the equivalent of 10,000 XRP ($22,400) is about 0.25 BTC. Meanwhile, on-chain data shows that a whopping 4.456 million wallets hold at least 0.1 BTC, with 975,675 holding more than 1 BTC.
With the large disparity between the number of Bitcoin and XRP addresses, as well as their balances, XRP community commentators have continued to argue that the XRP market is still very much early, urging investors to get in while they still can. However, it is important to note that there is no guarantee that XRP will yield as much ROI as investors envision.