Ripple (XRP) Blasts Through a Major Milestone
TL;DR
- XRP surpassed another milestone in terms of total tokens held in accounts.
- After a legal victory, XRP’s price briefly surged before stabilizing, with analysts predicting potential future gains.
XRP’s Achievement
Ripple’s XRP continues to make the headlines, recently reaching an important adoption milestone. According to XRPL Services, the total amount of XRP tokens held in accounts exceeded 60 billion (equaling over $34 billion calculated at current rates).
Data shows there are almost 5.3 million XRP accounts, while only 2,450 currently have a zero balance. Recall that the 5 million mark was surpassed at the start of 2024.
The over 60 billion tokens held in accounts include all coins currently stored in wallets, whether in circulation or not. The figure is also comprised of XRP held by Ripple Labs (outside of escrow), tokens owned by institutions, or any other XRP not actively traded in the market.
The asset’s current circulating supply is a little over 56 billion, while the maximum supply ever to be reached is 100 billion. Ripple has structured the release of XRP from escrow in a way that allows for up to 1 billion XRP to be unlocked each month. It is important to note, though, that the actual amount entering the market is less since the company uses some of the holdings for business operations, partnerships, or sales.
Ripple already unlocked its portion of XRP tokens this month. Despite the increased circulating supply, the valuation of the coin did not head south. After all, the predictable nature of the initiative enables investors to prepare for it accordingly, hence the insignificant price fluctuations.
XRP Price Outlook
The token was at the forefront of the gains last week following the latest court ruling in the case between Ripple and the US SEC. Recall that Judge Torres ruled that the company must pay a fine of $125 million for violating certain securities laws. The sum represents a 94% deduction of the agency’s initial demand of a whopping $2 billion.
XRP’s price shot by 20% shortly after the announcement, reaching almost $0.64. In the following days, though, it retraced below $0.55 before settling at the current $0.57 (per CoinGecko’s data).
Despite the recent plunge, crypto X is rammed with analysts who predict that a new XRP rally is just behind the corner. The one using the X handle FLASH claimed the token’s price might be headed toward $2 if surpassing the 200-day weighted moving average (WMA).
Crypto Tony depicted $0.66 as a major resistance level, following which a “pump” might follow. Those willing to explore additional interesting forecasts can find more information here.
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