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The cryptocurrency market is in turmoil, and amid that turmoil, some assets have gained particular attention. Despite the many challenges cryptocurrencies face, the number of significant wallets containing XRP continues to grow. This mysterious accumulation comes amid market turmoil, raising questions about the asset's long-term prospects.
Over 2,000 cryptocurrency wallets hold 1 million XRP
Since the beginning of 2024, the number of wealthy addresses holding over 1 million XRP has increased significantly. At the beginning of the year, it was 1,957, but this figure has risen to 2,043, an increase of 86 wallets. This trend indicates growing confidence among major investors despite market volatility. Addresses holding 1-10 million XRP also followed this upward trend, increasing from 1,570 to 1,586, an increase of 16 wallets.
At the same time, wallets holding 10-100 million XRP recorded the largest growth, increasing from 190 to 259, adding 69 wallets. This indicates that larger investors see long-term potential and continue to accumulate XRP despite current market challenges. However, wallets holding 100-100 million XRP remained constant at 38, neither increasing nor decreasing.
XRP is Facing a Tough Year
Since the beginning of 2024, Ripple's XRP cryptocurrency has recorded disappointing performance. In January, XRP was trading above $0.60 but quickly fell, dropping below the psychological thresholds of $0.60 and $0.50.
Currently, the cryptocurrency is trading around $0.46, down 24.68% since the beginning of the year. This decline contrasts with other major cryptocurrencies such as Bitcoin, which has risen 41% in 2024, and Ethereum, which has risen 43.6%. Despite these significant declines, major investors' confidence in XRP does not appear to be eroded. The number of addresses holding large amounts of the cryptocurrency continues to grow, indicating continued accumulation.
Major investors seem to be betting on a future recovery, as evidenced by the growing number of addresses holding large amounts of XRP cryptocurrency. It remains to be seen whether this confidence will be justified in the coming months.
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He holds a degree from Sciences Po Toulouse and is a Blockchain Certified Consultant by Alyra. In 2019, he returned to the Cointribune venture, working to expand the potential of blockchain to multiple sectors of the economy and to educate and inform the public about the constantly evolving ecosystem. My objective is to gain a deeper understanding of blockchain and seize the opportunities it offers. I am committed to providing an objective analysis of the current situation, elucidating market trends, communicating the latest technological innovations and gauging the prospects of economic and social challenges in this revolution of the market.
Disclaimer
The views, thoughts and opinions expressed in this article are those of the author and should not be taken as investment advice. Please conduct your own research before making any investment decisions.
