XRP Holder Increases Drastically Reaches 5 Million Accounts, XRP Price Only Increases 1.9 Percent!

XRP crypto assets. (Photo; Doc. Narametrics)

JAKARTA XRP, a crypto asset developed by crypto payment company Ripple, continues to attract the interest of the crypto community. According to data from XRPScan, a site that tracks XRP network activity, the number of addresses holding XRP has reached more than 5 million in early January 2024.

This is an impressive achievement, considering that the number of holders or XRP has stagnated below 2 million for almost two years, since early 2022. The surge in the number of XRP holders shows that this crypto asset has a strong appeal among crypto investors and users, especially outside the United States (US) which is the main market for Ripple.

XRP is the sixth largest crypto asset by market cap, with a total value of around $56.41 billion (Rp793 trillion). XRP has a maximum supply of 100 billion coins, but about 40.5 billion coins are currently locked in smart contracts by Ripple. This means that 40.5 billion XRP coins are inaccessible or traded. The rest, around 59.46 billion coins, are circulating in the market.

In addition, since its launch in 2012, around 11.99 million XRP tokens have been permanently burned as transaction fees on the XRP network. That means the supply of XRP is gradually decreasing as network activity increases.

Ripple, which is the creator and major developer of XRP, owns most of XRP's supply. Ripple has 12 wallets that house about 45 billion XRP tokens, which is equivalent to 45 percent of total supply. Ripple uses part of these XRP tokens to fund its operations, as well as to invest or partner with other companies in the crypto space.

One of Ripple's most famous partners is MoneyGram, a global remittance company that uses XRP as a bridge to facilitate cross-border payments. Ripple and MoneyGram have been working together since 2019, and Ripple has invested around $50 million into MoneyGram as part of the partnership.

Apart from Ripple, the other largest XRP holders are crypto exchanges, such as Binance, Uphold, UPbit, and Kraken, which store their customers' XRP tokens. These exchanges allow users to buy, sell, or exchange XRP for crypto or other fiat assets.

One of the well-known individual XRP holders is Chris Larsen, who is the founder and chairman of Ripple. Larsen has more than 2 billion XRP tokens, spread across five different wallets. Larsen is also known as one of the richest people in the crypto world, with a net worth of around $3.4 billion (IDR 47.8 trillion), according to Forbes.

XRP holdings among the crypto community are very diverse, with 85 wallets that have more than 500 million XRP tokens, while 1.52 million wallets have less than 20 XRP tokens. XRP's most common holding range is between 20 and 500 XRP tokens, with 2.41 million wallets with a total of 182 million XRP tokens.

Currently, the price of XRP ranges from Rp8,838 per token, with an increase of 1.9 percent in the last 24 hours at 14:33 according to Coinecko data. XRP's daily trading volume reached Rp19 trillion, placing it fourth among other crypto assets. The increase in XRP prices is in line with the overall recovery of the crypto market, which was triggered by hopes for approval of a Bitcoin spot ETF by the US SEC.