XRP Ledger Crosses 5 Million Distinct Wallets, XRP Price Rally Imminent?

Despite a 15% decrease in the price of Ripple’s native cryptocurrency XRP over the past month, the XRP ledger continues to achieve new milestones.

XRP Ledger Has 5 Million Distinct Wallets

On-chain data provider Santiment reports a significant milestone for the XRP Ledger, which now boasts 5.02 million distinct wallets holding more than 0 XRP coins. This achievement stands as the highest number of unique wallets in the XRP Ledger’s decade-long history of public trading.

As the sixth-largest asset in the cryptocurrency market by market capitalization, XRP has witnessed substantial growth in wallet adoption. Over the span of three years, the number of wallets holding XRP has more than doubled, marking a remarkable increase of 104%. This surge in wallet adoption aligns with the ongoing expansion of the XRP Ledger network, highlighting the sustained interest and engagement within the XRP community.

Is XRP Price Rally Imminent?

Despite facing strong selling pressure, analysts are bullish about the XRP price bouncing back and setting up for the next stage of price rally. In a market analysis update, prominent crypto analyst XRP Whale shares insights, predicting a substantial price pump for XRP in the near term.

The analysis points to positive market dynamics, emphasizing the active participation of buyers who are robustly defending the $0.52 – $0.48 range. Notably, a bullish engulfing candle on the type 2 return of the Bullish Gartley pattern adds to the optimistic outlook for XRP.

Moreover, on a popular YouTube Channel ‘Discover Crypto’ the analyst has given a 10x price prediction for XRP.

At the forefront of these positive developments is the upcoming resolution of the legal dispute between Ripple and the US Securities and Exchange Commission (SEC). Referring to the SEC case as a “Black Cloud,” the analyst anticipates that settling this legal matter will eliminate uncertainties in the market.

The second and third catalysts emphasize on the importance of legal clarity post-settlement and the potential for a Ripple initial public offering (IPO). However, note that Ripple CEO Brad Garlinhouse has canceled the plans for a US IPO earlier this month. The analyst contends that achieving legal certainty will encourage multiple exchanges to reintroduce XRP, thereby leading to a similar impact of the Coinbase IPO on BTC back in 2021.

The fourth catalyst revolves around the anticipation of cryptocurrency legislation, which could potentially trigger an XRP rally. The analyst suggests that the entire crypto industry stands to benefit from regulatory clarity, with XRP positioned as a key candidate for substantial gains once comprehensive legislation is enacted.