In simple terms, the cost of XRP, the native token of the XRP Ledger, experienced a significant increase of over 6% within a day, coinciding with a substantial rise in the number of large XRP wallets approaching a new record high.
Based on information from cryptocurrency analysis company Santiment, there is now an estimated 2,013 wallets containing over $545,000 worth of XRP tokens (equivalent to 1 million XRP). This figure represents a 3.1% increase over the past six weeks, bringing it close to a new record high.
🐳 The price of #XRP has jumped ahead of the #altcoin pack, jumping +6% and as high as $0.5687 today. The amount of wallets, 2,013, holding at least 1M $XRP has been surging over the past six weeks (rising 3.1%), and is within 1 wallet of the #AllTimeHigh. — Santiment (@santimentfeed) April 22, 2024
Over the last week, XRP‘s price has jumped approximately 10%, reaching $0.545 per token. However, this is a mere consolation as it has dropped about 11.2% since the beginning of the year. In contrast, Bitcoin has skyrocketed by 56.8% and Ethereum has risen by 39.6% during the same period.
According to CryptoGlobe’s latest news, a well-known cryptocurrency analyst remains optimistic about XRP‘s future value and believes the token’s price could surge past $200, representing a significant gain of over 30,000% from its current value.
According to his statement, XRP has experienced a significant price increase, which could indicate potential for a price tag of $200 or more. He pointed out that XRP’s value soared over 100,000% during the 2017-2018 market surge. Therefore, a potential rise by a factor of 33,000 from its current price might not only be plausible but also in progress.
The XRP Ledger’s automated market maker (AMM) platform has seen significant growth recently. Approximately 330,000 XRP tokens were previously locked on the platform, but this number has now increased to over 715,000 XRP tokens, equivalent to more than $400,000. This surge in tokens occurred during a period when the AMM platform was scheduled for important bug fixes.
An increase in the number of XRP tokens being held in locked accounts occurred not long after Ripple, a major player in enterprise blockchain and cryptocurrency services, revealed its intention to introduce a stablecoin that is directly linked to the US dollar (USD). This new stablecoin will be fully collateralized with a reserve consisting of US dollar deposits, short-term US government securities, and other liquid assets.
According to a report from CryptoGlobe, the company anticipates that the total value of stablecoins in circulation will surpass $2.8 trillion by the year 2028. The company’s own stablecoin is planned for release on both the XRP Ledger and Ethereum platforms.
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2024-04-24 01:52