As a seasoned researcher with a knack for deciphering market trends and a keen eye for patterns, I find it fascinating to observe the surge of XRP wallets since Donald Trump’s presidential victory. The parabolic rise of XRP, coupled with the increase in the number of wallets holding onto this native token, suggests a growing interest in this cryptocurrency.
Data recorded on the blockchain shows a significant surge in the quantity of digital wallets storing XRP, the native token of the XRP Ledger. This increase occurred as the value of XRP skyrocketed by over 310% following Donald Trump’s victory in the U.S. presidential elections.
Based on information from the blockchain analytics firm Sentiment, who employed a metric known as “Total Number of Wallets,” which monitors the number of addresses on a specific blockchain network with a positive balance, it was observed that an increase in XRP wallets began on October 18 and has persisted since then.
The firm’s data shows that over the past two years, there has been a 28% rise in the number of XRP wallets with a non-zero balance, to 5.75 million, while also showing that bitcoin saw a 27% rise to 54.9 million and ether saw a 47% rise to 134.9 million.
A rise in the metric indicates either more investors joining the market or existing ones expanding their portfolios by creating new digital wallets for safekeeping of their investments – a practice advocated by privacy specialists.
Numerous factors contributed to the surge in XRP’s value since November, such as Donald Trump winning the U.S. presidency as a Republican candidate, multiple applications for XRP exchange-traded funds, and the introduction of Ripple‘s RLUSD stablecoin by Ripple itself.
The price of it began falling earlier in the month, following the Federal Reserve’s decision to lower interest rates by 0.25% and Jerome Powell’s indication that fewer rate reductions might occur next year, hinting at a more aggressive monetary policy stance.
Powell’s remarks significantly cooled investor optimism and impacted various market sectors, leading to a drop of over 3.5% in the main stock market index, the S&P 500, initially. Despite this initial recovery, it ended the week with a decrease of 1.2%.
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2024-12-24 18:02