Since Judge Analisa Torres’ ruling 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, the XRP Ledger is close to another huge milestone, which could mean good news for the XRP price going forward.
Accounts on XRP ledger almost 5 million marks
In an interesting turn of events, the number of accounts present on the XRP Ledger has risen rapidly. This has pushed the metric barrel towards the 5 million accounts milestone, while it currently stands at an impressive 4,781,844 million accounts, according to data from XPR Ledger Services.
The site’s data also shows other impressive statistics about the blockchain, such as only 1,116 accounts on the Ledger with a balance of 0. This means that only 0.023% of the entire XRP holder base on the ledger has a 0 balance.
XRPL accounts near 5 million | Source: XRP Ledger Services
Of the total supply of 100 billion kept in custody. This amount held in escrow is released periodically and is designed to last until the total XRP supply is exhausted.
Further afield, a significant number of XRP tokens also sit as reserves (tokens in wallets that cannot be spent). Current Total Account Reserves stood at 47,818,440 and Total Owner Reserves stand at 13,608,012.
How does this affect the XRP price?
The rapid increase in the number of accounts on the XRP Ledger indicates an increase in interest from crypto investors. In this case, as interest rates rise, the demand for the XRP token will also increase, which in turn would lead to an increase in the XRP price.
Analysts were also incredibly optimistic about the XRP price. In one case, a Wells Fargo executive predicted that the price of the altcoin could rise as much as $500, citing Ripple set to conquer the cross-border payments industry by 2027.
Another interesting forecast puts the XRP price at $10,000 again, citing Ripple’s rising market share in the payments sector as a driving force. A more conservative crypto analyst estimated the token’s price at $130 after it formed a rare triangle pattern on the chart.
Despite these very bullish predictions, the XRP price continues to struggle at this point. It is still trading well below the USD 0.5 resistance, which has become the important level to beat. At the time of writing, the stock is trading at $0.49, marking a paltry gain of 0.03% on the daily chart. Although a more significant gain of 5.52% can be seen 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