XRP Usage Soars Amid Bearish Market, Hits 5M Active Wallets

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XRP: A Mixed Picture

The cryptocurrency XRP is sending mixed signals. Despite a generally bearish market trend, XRP recently achieved a significant milestone: The number of active wallets has surpassed the 5 million mark.

Increase in Wallet Usage

According to data from Santiment, the number of XRP Ledger (XRPL) wallets holding more than zero XRP coins reached an all-time high in January 2024. This represents a significant milestone in the history of the ledger that has been publicly traded for over a decade. Currently, the XRPL records 5.08 million wallets. Since the beginning of 2020, there has been a remarkable increase of 170% in the number of XRP wallet holders. The total number has risen from about 2.5 million in early 2021 to over 5 million in 2024.

Transaction Activity on the XRP Ledger

In addition, XRPscan reported that transaction activity on the XRP Ledger has also reached new heights. Inter-wallet transactions nearly reached 6 million at the beginning of the month, setting a new record for the platform.

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XRP Market Performance

Despite these milestones, the market trend for XRP remains predominantly bearish. At the time of writing this article, the XRP price was at $0.5268, a significant drop from its peak of about $0.9 in July. Trading volume remained notably low, indicating reduced investor interest or confidence.

Future Prospects

The technical indicators also point to a bearish trend. The Relative Strength Index (RSI) was at 37.29, a slight increase from the previously oversold value of 29.99 on January 25. Furthermore, the On-Balance Volume (OBV) showed a value of 28.5 billion, indicating limited positive volume momentum. The values of the Moving Average Convergence Divergence (MACD) further confirmed the bearish sentiment.

Investors should closely monitor the indicators to detect potential signs of a trend reversal or recovery. Despite the current bearish market trend, the increase in wallet usage and transaction activity on the XRP Ledger shows that interest in XRP continues to exist and could potentially increase further in the future.

Sources: Santiment, XRPscan

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Isabella Brown

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Online Gambling, Greece and my dog Gringo are my three favorite things in my life. Before working for Kryptocasinos.com I was leading the content team of an iGaming Online magazine where I was focused on researching casinos, their licenses and the connection between the members of the industry.
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Last update: 19. February 2024

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