XRP News Today: XRP Wallets Holding Over 1 Million Tokens Reach All-Time High of 2,708

On-chain data reveals a significant increase in the number of XRP wallets holding over 1 million tokens, indicating a surge in activity among large investors, commonly referred to as sharks and whales. This trend suggests a growing interest and potential influence from high-net-worth individuals within the XRP network.

The on-chain analytics firm Santiment highlighted that the number of wallets holding more than 1 million XRP tokens has reached a new all-time high of 2,708. This threshold, valued at approximately $2.2 million at the current exchange rate, signifies substantial holdings that can exert considerable influence on the network. The behavior of these large investors is crucial as it can provide insights into the overall sentiment and potential market movements within the XRP ecosystem.

In addition to the increase in large wallets, the Daily Active Addresses metric, which measures the number of unique wallets involved in transactions daily, has also seen a notable spike. Over the past week, this metric has averaged around 295,000 addresses per day, a significant jump from the 35,000 to 40,000 range observed in the previous three months. This surge in activity suggests heightened engagement and participation from smaller entities, further bolstering the network's growth.

Santiment noted that the XRP ledger is exhibiting strong signs of growth from both usage and key stakeholder perspectives. The increase in large wallets and daily active addresses indicates a robust and expanding network, which could potentially impact the cryptocurrency's price. However, the immediate effect on XRP's price remains to be seen, as the asset's value has fluctuated recently, dropping back to $2.20 after briefly surpassing the $2.33 mark.