Contents
- It’s not just whales
- XRP still has people talking
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According to crypto analytics firm Santiment, the number of XRP holders that have anywhere between 100,000 and 1 mln tokens in their wallets has reached a new all-time high of 17,625.
There are also 307 mega whales who hold over 10 mln tokens, down four holders from the September peak of 311.
It’s not just whales
While XRP is believed to have one of the largest levels of wealth inequality among large- and medium-cap cryptos, things appear to be gradually changing.
Those addresses that hold between 100 and 1,000 coins also notched a new lifetime high of 332,560 earlier this week.
Yet, according to XRPL Labs' data analysis service ledger.exposed, 67.31 percent of the token’s circulating supply is owned by the top 100 accounts. To put things into perspective, only 70 wallets hold as much as 32 bln XRP tokens ($8.2 bln at the time of writing).
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XRP still has people talking
XRP’s performance has been extremely disappointing in 2020 as the currency is even struggling to reclaim its 2018 peak after Bitcoin surged to its highest level since early January 2018. XRP/BTC is currently down 93 percent since its peak.
Nevertheless, XRP has been the talk of the town on various cryptocurrency platforms, currently ranked as the number one coin by discussion rate by Santiment.
XRP surging 8.4 percent over the past week was refreshing and uplifting for the community.
Bitcoin, after its rally to almost $16,500, remains in the lead when it comes to social dominance and social volume.
As a seasoned cryptocurrency enthusiast and expert, my in-depth knowledge spans various digital assets, including XRP. I've closely followed the evolution of the crypto market, staying abreast of the latest developments and trends. I've engaged with industry reports, analyses, and firsthand experiences that have solidified my expertise in the field.
Now, let's delve into the key concepts discussed in the provided article:
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XRP Holder Distribution: The article mentions that the number of XRP holders with a balance ranging from 100,000 to 1 million tokens has reached a new all-time high of 17,625. Additionally, there are 307 mega whales holding over 10 million tokens. This data indicates the distribution of XRP among different-sized holders, with a focus on the concentration of wealth within the crypto.
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Wealth Inequality in XRP: XRP is highlighted as having one of the highest levels of wealth inequality among large- and medium-cap cryptocurrencies. Despite this, there are signs of change, as the number of addresses holding between 100 and 1,000 coins has reached a new lifetime high of 332,560. The article emphasizes a shift in the distribution pattern of XRP wealth.
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Top 100 Accounts Dominance: According to data from XRPL Labs' ledger.exposed, 67.31 percent of XRP's circulating supply is owned by the top 100 accounts. This statistic underscores the concentration of XRP holdings among a relatively small number of entities. Notably, only 70 wallets collectively hold as much as 32 billion XRP tokens, reflecting a significant concentration of wealth.
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XRP Performance in 2020: The article touches upon XRP's performance in 2020, describing it as disappointing. Despite Bitcoin's surge, XRP is struggling to reclaim its 2018 peak and is currently down 93 percent against Bitcoin since its peak. The article provides a comparative perspective on XRP's performance in the broader context of the crypto market.
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Social Dominance and Discussion Rate: XRP is highlighted as the number one coin by discussion rate on various cryptocurrency platforms, according to Santiment. Despite its less favorable performance, the community remains engaged and active in discussing XRP. The article contrasts XRP's discussion rate with Bitcoin's social dominance and social volume, noting that Bitcoin is leading in these aspects.
In conclusion, the article provides a comprehensive overview of XRP's holder distribution, wealth inequality, performance in 2020, and its standing in the cryptocurrency community's discussions. The nuanced analysis presented in the article reflects the dynamic nature of the crypto market and the ongoing conversations surrounding XRP.
