- Activity on the XRPL increased, signaling traders’ commitment to holding XRP.
- XRP became the most-traded altcoin of the year, beating SOL, BNB, and DOGE.
Ripple [XRP] has long been a prominent player in the cryptocurrency space. But its value as a long-term investment asset has struggled to gain attention since its case with the U.S. SEC began.
How much are 1,10,100 XRPs worth today?
However, it seemed that the token’s good old days may be back for better due to happenings on the network. To begin with, the daily net amount of trust lines created on the XRP Ledger (XRPL), recently jumped from -33,000 to -1898.
The choice isn’t blinding
For context, the XRPL is the decentralized public ledger of the Ripple network that allows for the fast, low-cost transfer of XRP. On the other hand, the trust lines are the structures in the ledger for holding XPR tokens.
Therefore, the increase in the trust lines created implies that XRPL now held the capacity for holding XRP tokens. One reason for this could be linked to the recent win over the SEC. Like the trust lines created, the total amount of assets issued on the XRPL also climbed.
This metric represents the number of tokens an issuer holds within the XRPL. When both metrics spike, it means that holders may have made a compelling choice that XRP’s long-term price action was one to be optimistic about.
Source: Santiment
Holder count increases as XRP leads BNB, DOGE…
Besides the XRPL, the supply distribution also provided insight into why XRP could be a promising long-term for investors. When looking at the number of addresses, on-chain data showed that the 0 to 100 coin retail cohort had surpassed the 3 million mark.
Likewise, the number of addresses holding 100 to 100,000 XPRs has also increased. This increase suggests a surge in demand for XRP. But it does not just end there.
When the number of addresses rise across board, it means that holders were of the stance that the token’s long-term relevance is in check.
Source: Santiment
However, XRP holders may need to watch out for the outcome of the SEC appeal. In a case where the SEC overturns the ruling, then XRP might tumble. And if the case takes years to solve as CEO Brad Garlinghouse predicted, then the long-term price action could go sideways.
Conversely, if every other thing goes in XRP’s favor, then holders might likely gain from an exponential run. But currently, XPR seems to be continuously enjoying the proceeds of its victory.
Realistic or not, here’s SOL’s market cap in DOGE terms
According to market data provider Kaiko, XRP has now become the most traded altcoin of the year. The altcoin rose above Dogecoin [DOGE], and Solana [SOL] to hit the landmark.
$XRP is officially the top traded altcoin of 2023! $DOGE, $SOL, and $BNB are next in line. pic.twitter.com/gq3uFiGnWl
— Kaiko (@KaikoData) July 24, 2023
