Investors are becoming increasingly interested in XRP, which is reflected in the growing number of cryptocurrency wallet addresses. In particular, there has been a consistent rise in the number of XRP addresses containing $100,000 or more worth of the asset, with over 13,800 such addresses recorded this year.

An anonymous supporter of XRP brought attention to this positive indicator in a recent tweet. The individual shared a chart from Coin Metrics, which provided data on the increase in XRP wallet addresses holding at least $100,000 worth of the cryptocurrency.

According to the Coin Metrics chart, there has been a significant increase in the number of XRP addresses holding at least $100,000 worth of cryptocurrency since the beginning of this year. This growth trend is similar to what was observed in 2021 when XRP’s price surged to a high of $1.96 in April, despite the SEC charges filed against Ripple in December 2020. 

However, after reaching a local top in 2021, the number of these addresses began to decline, indicating a significant distribution of XRP. This decline continued in an erratic pattern throughout 2021 and 2022, with the number of addresses dropping below 8,000 in mid-2022. The recent upsurge in these addresses began shortly after this decline, gaining momentum this year.

According to Messari, a crypto intelligence platform, the number of XRP wallet addresses holding at least $100,000 worth of cryptocurrency has now risen to 13,871 as a result of the recent uptick. In addition, the number of XRP addresses holding at least $1 million worth of the asset has surged to 1,160, while those holding at least $10 million are at 316.

XRP Addresses Road To 5M

The total number of XRP wallet addresses is currently at 4.66 million, which has grown by more than 320,000 since reaching the 4.3 million milestones in October last year, according to Messari. Last month, the crypto intelligence firm also reported that the Ripple network is on course to accommodate 5 million wallet addresses.

Reason Behind Increase in XRP Addresses

The recent surge in XRP wallet addresses has become more prominent as the cryptocurrency’s price rallies, having gained over 38% in the past month. 

Additionally, as we reported earlier, more than 50 whale addresses holding 10 million and 100 million, XRP were added to the network last month as the price rally gained momentum.

Related article: Ripple vs. SEC: Delayed Ruling May Affect XRP Price. Here’s How

However, the XRP army hopes Ripple will emerge victorious in the ongoing lawsuit against the US Securities and Exchange Commission (SEC). The anticipation of a positive outcome has attracted investors worldwide, as the XRP price is expected to surge if Judge Torres rules in favor of Ripple.

After dropping below the $0.51 price level a couple of days ago, XRP has managed to reclaim it. An analyst named Egrag suggests that for XRP to rally to $1, it must maintain a weekly closing price above the $0.50 price point. Currently, XRP is trading at $0.511, showing a 2.5% increase in the past 24 hours.