The demand for XRP has shown mixed signals, with the number of top 0.01% wallets (holding at least 5.75 million XRP) rising to 486 while millionaire addresses decreased to 1,970, as per on-chain data. There are over 59 billion XRP coins in circulation, amounting to a market capitalization of around $34.44 billion.
However, XRP’s price growth has not mirrored Bitcoin’s recent surge due to the dominating speculation surrounding the potential approval of a spot Bitcoin ETF in the US. Despite Bitcoin’s nearly 13% increase in the past 30 days, XRP’s price witnessed under 1% growth in the same period.
Analyst Insight: XRP’s Competitive Stand
According to crypto analyst Lark Davis, his YouTube video said that XRP could perform well in the current market cycle despite facing competition from other cryptocurrencies. The token faces potential threats from alternative coins and stablecoins due to transaction speed and accessibility.
Yet, Ripple Labs might introduce new features and partnerships to maintain XRP’s competitiveness. The recent legal victory in the Ripple lawsuit, alongside maintaining a top 10 market cap despite SEC troubles since December 2020, bodes well for XRP’s potential performance.
The regulatory front analyst says Ripple’s addition to the Central Bank of Ireland’s list of registered Virtual Asset Service Providers enables the company to offer digital asset services in the country.
In terms of ownership, everyone knows that XRP stands out as it’s pre-mined, with a capped supply of 100 billion coins. While Jed McCaleb, one of Ripple’s co-founders, has sold his entire XRP holdings, co-founders like Chris Larsen and Arthur Brito continue to retain most of their XRP. Notably, Larsen and Brad Garlinghouse received relief from the SEC lawsuit when the agency withdrew its charges against them in October 2023, part of the original lawsuit.
Criticism on XRP Price Barriers, Investor Losing Hope?
It seems like not everyone is sold on optimistic predictions and data to make XRP a hero to replace Bitcoin. They’re questioning why it hasn’t hit the $1.20 mark yet, calling it a bit of a letdown. Even those who study the tech aren’t thrilled by this goal; for experienced users, $1.20 isn’t as impressive as it once was, especially after giving up his 5th position to Solana last week.