XRP Ledger Adoption Soars as Ripple Fights SEC
According to data from Messari, the number of accounts created on the XRP Ledger (XRPL) - a digital payments system that uses Ripple's native token XRP - is close to 5 million, indicating increasing adoption and usage.
The number of accounts created on the platform has recently surged, with a record high in late 2021 and early 2022, followed by a drop during the crypto winter that saw Bitcoin and Ethereum plummet.
However, with the crypto market experiencing positive price performance, daily account creation on XRPL has picked up. In 2023, the network has been averaging over 1,000 new accounts daily.
Messari founder Ryan Selkis predicted that Ripple would win its case against the U.S. Securities and Exchange Commission (SEC), which has been disputing the classification of XRP.
Meanwhile, according to CryptoSlate, XRP has risen more than 30% on the 21st of March, and the token’s market cap increased to $22.88 billion. At the time of writing after a pullback, XRP is trading at $0.44.
This surge followed the purchase of 420 million XRP tokens worth $155.4 million by cryptocurrency whales over the last 30 days.
Ali, a crypto analyst citing Santiment data, added that around 50 whales holding between 10 million to 100 million XRP tokens had joined the Ripple network during the period.