XRP Price: Addresses holding XRP cross 4.34 million, hit new milestone


Share:
  • Investor’s confidence in Ripple has recently climbed with the spike in addresses holding XRP. 
  • Based on data from XRP validator Rich-List.Info, the total number of addresses currently sits at 4.34 million. 
  • XRP price has remained largely unchanged over the past week. 

XRP holders’ confidence in the altcoin surged as the number of addresses holding XRP crossed 4.34 million. Proponents noted a spike in the total number of addresses holding XRP in the last 25 days. The development comes as the payment giant sees a positive breakthrough in its case against the US Securities and Exchange Commision (SEC), over whether Ripple should be classed as a security or not. 

Also read: Australia to treat cryptocurrencies as assets, crypto traders disappointed

XRP addresses hit a new milestone

Based on data from XRP validator Rich-List.Info, the total number of addresses holding XRP is currently 4,341,298 (4.34 million). According to the data, 29,883 new addresses were added in the last 25 days. 

XRP wallet address from Rich-List.Info

XRP wallet address from Rich-List.Info

The rise comes after another development in Ripple’s involvement in a legal wrangle with US financial regulator the SEC. In the latest development, the payment giant’s counsel gained access to key documents related to what is referred to as the Hinman speech. 

William Hinman was Director of the Division of Corporation Finance at the SEC in 2018 and gave a speech in which he said Bitcoin (BTC) and Ethereum (ETH) were not securities. Ripple has been arguing the speech reflects the opinions of the SEC as it was informed by legal experts working there. For some time they have attempted to have documents – emails, for example – written by these experts to Hinman, which they claim he used when writing his speech, included as evidence. 

With access to these documents now granted, the blockchain company has recorded a significant win in the lawsuit and revived XRP holders’ confidence in the asset. The fact that Ripple counsel has gained access to the Hinman speech and related documents has also fueled wider investor confidence. 

Interest in XRP surges amidst developments in the lawsuit

Positive developments in the SEC v. Ripple case combined with the rise in the number of addresses holding XRP are two key factors driving the altcoin’s price higher. XRP has yielded nearly 5% gains over the past week. 

Nathan Pidcock, a crypto analyst and trader believes XRP price needs to break past the $0.4986 level to confirm a bullish trend reversal in the altcoin. 

XRP-USDT price chart

XRP-USDT price chart

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.

Join Telegram

Follow us on Telegram

Stay updated of all the news

Join Telegram

Recommended content


Follow us on Telegram

Stay updated of all the news

Join Telegram

Recommended Content

Editors’ Picks

Ocean Protocol Price Prediction: Stunning bullish signals going unnoticed

Ocean Protocol Price Prediction: Stunning bullish signals going unnoticed

Ocean Protocol (OCEAN) price has outperformed nearly all of the cryptocurrencies in the space. The parabolic move shows no signs of slowing down yet little coverage has surfaced from crypto media outlets. This article analyzes OCEAN’s price action to gauge where it may find resistance ahead.

More Crypto News

Hedera Hashgraph Price Prediction: A potential bullrun with caution

Hedera Hashgraph Price Prediction: A potential bullrun with caution

Hedera Hashgraph price shows potential to continue its uptrend. The consolidation phase could be viewed as a buying opportunity in hindsight. However, the risk to the downside should be considered.

More Hedera News

SushiSwap price rises by 8% following social coordination launch; AAVE, MKR next?

SushiSwap price rises by 8% following social coordination launch; AAVE, MKR next?

SushiSwap price noted a sharp rise during the intra-day trading hours, which was followed by a special announcement by the leaders of the Decentralised Finance (DeFi) space. 

More SushiSwap News

Decentraland Price Prediction: Consolidation before the next move

Decentraland Price Prediction: Consolidation before the next move

Decentraland price has seen impressive growth in recent months, with a 145% rally last month alone. However, the crypto asset has faced some cooling off lately, losing 7% of its market value in the last three days.

More Decentraland News

Bitcoin: Nonfarm Payrolls on the radar after Powell’s speech propels BTC higher

Bitcoin: Nonfarm Payrolls on the radar after Powell’s speech propels BTC higher

Bitcoin (BTC) price is at an inflection point as it continues to rally amid multiple sell signals on lower time frames. The Nonfarm Payrolls (NFP) report, including the unemployment rate and average hourly earnings, is set to be announced on February 3 at 1330 GMT.

Read full analysis

BTC

ETH

XRP