Ripple (XRP) breaks through a major milestone

TL;DR

XRP passed another milestone in terms of total tokens held in accounts. After a legal victory, the price of XRP rose briefly before leveling off, with analysts predicting possible future gains. Achievement of XRP

Ripple’s XRP continues to make headlines, recently hitting a major adoption milestone. According to XRPL Services, the total amount of XRP tokens held in the accounts exceeded 60 billion (equivalent to more than $34 billion calculated at current rates).

The data shows that there are almost 5.3 million XRP accounts, while only 2,450 currently have a zero balance. Remember that the 5 million mark was passed at the beginning of 2024.

The more than 60 billion tokens held in the accounts include all coins currently stored in wallets, whether in circulation or not. The figure also consists of XRP held by Ripple Labs (out of escrow), tokens owned by institutions, or any other XRP not actively traded in the market.

The current circulating supply of the asset is a little over 56 billion, while the maximum supply to be reached is 100 billion. Ripple has structured the release of XRP from escrow in a way that allows up to 1 billion XRP to be unlocked each month. It is important to note, however, that the actual amount entering the market is less, as the company uses some of the holdings for business operations, partnerships or sales.

Ripple already unlocked its share of XRP tokens this month. Despite the increase in circulating supply, the currency’s valuation did not head south. After all, the predictable nature of the initiative allows investors to prepare accordingly, hence the negligible price fluctuations.

XRP Price Outlook

The token was at the forefront of gains last week following the latest court ruling in the case between Ripple and the US SEC. Recall that Judge Torres ruled that the company must pay a fine of 125 million dollars for violating certain securities laws. The sum represents a 94% deduction from the agency’s initial demand of $2 billion.

The price of XRP shot up 20% shortly after the announcement, reaching almost $0.64. In the following days, however, it retreated below $0.55 before settling at the current $0.57 (according to CoinGecko data).

Despite the recent drop, crypto X is full of analysts predicting that a new XRP rally is just around the corner. The one using the handle X FLASH claimed that the price of the token could go towards $2 if it breaks above the 200-day weighted moving average (WMA).

Crypto Tony represented $0.66 as an important resistance level, after which a “bomb” could follow. Those who want to explore additional interesting predictions can find more information here.

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