Incoming Milestone Could Be Very Bullish For XRP Price, Here’s Why
Since Judge Analisa Torres’s ruling back in July that programmatic XRP sales do not qualify as securities, the token has been on an upward trajectory in terms of growth. This time around, the XRP Ledger is close to another enormous milestone, which could spell good news for the XRP price going forward.
Accounts On XRP Ledger Near 5 Million Mark
In an interesting turn of events, the number of accounts that are present on the XRP Ledger has been rising rapidly. This has seen the metric barrel toward the 5 million total accounts milestone as it is currently sitting at an impressive 4,781,844 million accounts, according to data from XPR Ledger Services.
The site’s data also shows other impressive metrics about the blockchain such as only 1,116 accounts on the Ledger are carrying a 0 balance. This means that only 0.023% of the entire XRP holder base on the ledger is carrying a 0 balance.
XRPL accounts near 5 million | Source: XRP Ledger Services
Of the 100 billion total XRP supply, 58,682,136,692 (58.6%) are currently sitting in holder accounts, with 41,306,191,412 (41.3%) still held in escrow. This amount held in escrow is released periodically and was designed that way to last until the total XRP supply is exhausted.
Going further, a significant number of XRP tokens are also sitting as reserves (tokens in wallets that cannot be spent). The current Total Account Reserves came in at 47,818,440 and Total Owner Reserves is sitting at 13,608,012.
How Will It Affect The XRP Price?
The rapid rise in the number of accounts on the XRP Ledger points to an increase in interest from crypto investors. In this case, as interest rises, so will demand for the XRP token, which would, in turn, lead to a rise in the XRP price.
Analysts have also been incredibly bullish on the XRP price. In one instance, a Wells Fargo Manager forecasted that the price of the altcoin could rise as high as $500, citing Ripple capturing the cross-border payments sector by 2027.
Another interesting forecast put the XRP price at $10,000, once again, citing Ripple’s rising market share in the payments sector as a driver. A more conservative crypto analyst put the token’s price at $130 after it formed a rare triangle pattern on its chart.
Despite these very bullish predictions, the XRP price continues to struggle at this point. It is still trading well below the $0.5 resistance which has become the important level to beat. At the time of writing, it’s sitting at $0.49, recording meager gains of 0.03% on the daily chart. Although there is a more significant 5.52% gain on the weekly chart.
XRP flashes bullish as 5 million account milestone approaches | Source: XRPUSD on Tradingview.com
Featured image from XRP News, chart from Tradingview.com