Recent on-chain analytics reveal that XRP wallets have experienced a remarkable rise since mid-October, with data showing an impressive growth trajectory. This surge aligns closely with the acquisition of the XRP token within the XRP Ledger ecosystem, particularly following the political shifts created by Donald Trump winning the U.S. presidential elections.
According to insights shared by the on-chain analytics firm Sentiment, utilizing a metric known as Total Amount of Holders to track addresses with a non-zero balance, the increase began on October 18 and has continued to thrive. Over the last two years, there has been a 28% boost in XRP wallets now holding a non-zero balance, bringing the total to 5.75 million. In comparison, Bitcoin and Ether have also seen rises of 27% and 47% respectively, with their figures hitting 54.9 million and 134.9 million.
This metric’s growth suggests that either new investors are entering the market or existing holders are creating additional wallets to manage their assets—a practice that privacy experts often recommend. The data reflects a healthy interest in XRP, indicating both fresh investment and strategic portfolio management among existing users.
Several key factors have influenced the rise of XRP since November. The political landscape shifted dramatically with Trump’s election, coupled with various spot XRP exchange-traded fund filings and Ripple’s launch of its RLUSD stablecoin. These developments have created a buzz and fueled optimism within the crypto community.
However, the market experienced a setback earlier this month, as the Federal Reserve announced a 25 basis points interest rate cut. Chair Jerome Powell’s comments on adopting a more hawkish approach, indicating fewer rate cuts could be anticipated next year, negatively impacted investor sentiment. This fallout was evident as the stock market’s benchmark index, the S&P 500, saw a drop of over 3.5%, though it later rebounded slightly, ending the week down about 1.2%.
In summary, the impressive growth in XRP wallets demonstrates a blend of market optimism driven by political changes and institutional developments, alongside the challenges posed by broader economic factors. This lively dynamic makes XRP an interesting asset to monitor as the landscape continues to evolve.
