New data from crypto analytics firm Santiment finds that the number of wallets holding XRP – the digital asset used to operate Ripple Labs’ payments platform – has exploded to new all-time highs.
The market intelligence platform says on the social media platform X that the number of wallets holding non-zero XRP is now at a record high after doubling its count since February 2021.
“XRP Ledger now has 5.02 million distinct wallets that hold more than zero XRP coins, the most in its now 10+ years of public trading years. The sixth-ranked asset in crypto by market cap has more than doubled such wallets in three years (+104%) as the network expands.”
XRP is trading for $0.532 at time of writing, a fractional increase during the last 24 hours.
In another thread, Santiment notes that Bitcoin (BTC) wallets are declining at their fastest rate since early October. According to the analytics firm, the sell-off is a good sign for Bitcoin as it suggests that newer traders are cutting their losses.
“The amount of total Bitcoin wallets has been declining at their swiftest rate since early October (just before the major crypto bull cycle started). The crowd is showing a similar level of impatience this time around with over 487,000 wallets holding one BTC or less being liquidated in the last four days alone.
History tells us that this is typically a sign of capitulation, which can lead to a market price bounce until smaller traders begin to get optimistic toward crypto as an investment vehicle once again.”
Bitcoin is trading for $42,500 at time of writing, an increase of 1.59% during the last day.
Follow us on X, Facebook and TelegramDon't Miss a Beat – Subscribe to get email alerts delivered directly to your inbox
Check Price Action
Surf The Daily Hodl Mix
Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Generated Image: Midjourney
