XRP Ledger Sees 24% Account Surge, Expanding to 6.2 Million Users
1min read The XRP Ledger has witnessed a significant surge in activity, with a 24% increase in accounts since January 2024. The network's user base has expanded from approximately 5 million to nearly 6.2 million, marking a substantial growth in the number of users. This expansion has been accompanied by a significant increase in trustlines, which allow users to specify the assets they wish to hold and serve as the building blocks of the XRPL network.
The surge in activity can be attributed to several factors. In December, the XRPL account reserve requirement was reduced from 10 XRP to 1 XRP, lowering the barrier for new users to access the network. Additionally, positive macroeconomic sentiment and growing institutional demand have contributed to the expansion. Speculation about a potential XRP exchange-traded fund (ETF) and increased involvement by financial institutions have further fueled adoption. The positive momentum in the price of XRP has also played a role in driving activity on the ledger.
The popularity of meme coins on the XRP Ledger has also contributed to the growth of its ecosystem. As more users and developers focus on trading and building meme coins, the network attracts larger numbers of participants. Ripple's introduction of its USD-backed stablecoin, rlusd, and partnerships with major banks have further bolstered confidence in the long-term viability of the network.
As adoption accelerates, the XRP Ledger's expanding ecosystem positions it for further growth. With reserves in accounts depleted, institutional demand increasing, and new use cases on the horizon, the network is poised for growth in the evolving landscape of crypto.
