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Accounts created on Ripple-backed XRP (
$1.14 ) Ledger ( XRP ( $1.14 ) L) are nearly reaching 5 million — an indication of its growing adoption and uses, according to Messari data.
XRP ( $1.14 ) L is a digital payments infrastructure powered by Ripple’s native token, XRP ( $1.14 ) . The decentralized network has seen a spike in the total number of accounts created on the platform in recent months.
Source: Messari
According to Messari data, XRP ( $1.14 ) L’s daily account creation rate spiked to an all-time high around the end of 2021 and into early 2022. However, this rate dropped as the market witnessed a crypto winter that pushed flagship digital assets like Bitcoin (
$62,204.00 ) (BTC) and Ethereum (
$1,650.52 ) (ETH) into new lows.
But with the crypto market witnessing a steady streak of positive price performance in 2023, daily account creation on XRP ( $1.14 ) L has also picked up. For context, XRP ( $1.14 ) Scan data showed that the network had averaged over 1000 new accounts daily in the current year.
Messari founder Ryan Selkis pointed out that there was a demand for XRP ( $1.14 ) L and predicted that Ripple could win its case against the U.S. Securities and Exchange Commission (SEC). Ripple and the SEC have been embroiled in a legal tussle over the classification of the XRP ( $1.14 ) token.
Selkis added:
“Ripple should win the overreaching XRP ( $1.14 ) -SEC case, and the XRP ( $1.14 ) Ledger should be afforded the opportunity to compete fairly on digital payments infra globally.”
XRP ( $1.14 ) rises 15% as whales buy 420 million XRP ( $1.14 ) tokens in 30 days
Besides XRP ( $1.14 ) L’s rising adoption, Ripple’s XRP ( $1.14 ) has increased by more than 15% in the past 30 days — making it one of the best performers among the top 10 digital assets — according to CryptoSlate data.
Source: Tradingview
Over the last 24 hours, the asset’s performance showed it rose 15% to $0.449 at the time of writing. The token increased by 20% in the previous seven days.
Meanwhile, XRP ( $1.14 ) ’s market cap has spiked to as high as $22.88 billion from $19.81 billion during the last 30 days.
The price rise coincided with when crypto whales purchased 420 million XRP ( $1.14 ) tokens — worth $155.4 million — in the previous 30 days. Crypto analyst Ali, citing Santiment data, added that around 50 whales holding between 10 million to 100 million XRP ( $1.14 ) tokens joined the Ripple network during the period.
