Ripple’s XRPL account near 5M despite legal issues with SEC

Accounts created on Ripple-backed XRP Ledger (XRPL) are nearly reaching  5 million — an indication of its growing adoption and uses, according to Messari data.

XRPL is a digital payments infrastructure powered by Ripple’s native token, XRP. The decentralized network has seen a spike in the total number of accounts created on the platform in recent months.

According to Messari data, XRPL’s daily account creation rate spiked to an all-time high around the end of 2021 and into early 2022. However, this rate dropped as the market witnessed a crypto winter that pushed flagship digital assets like Bitcoin (BTC) and Ethereum (ETH) into new lows.

But with the crypto market witnessing a steady streak of positive price performance in 2023, daily account creation on XRPL has also picked up. For context, XRP Scan data showed that the network had averaged over 1000 new accounts daily in the current year.

Messari founder Ryan Selkis pointed out that there was a demand for XRPL and predicted that Ripple could win its case against the U.S. Securities and Exchange Commission (SEC). Ripple and the SEC have been embroiled in a legal tussle over the classification of the XRP token.

Selkis added:

“Ripple should win the overreaching XRP-SEC case, and the XRP Ledger should be afforded the opportunity to compete fairly on digital payments infra globally.”

XRP rises 15% as whales buy 420 million XRP tokens in 30 days

Besides XRPL’s rising adoption, Ripple’s XRP has increased by more than 15% in the past 30 days — making it one of the best performers among the top 10 digital assets — according to CryptoSlate data.

Over the last 24 hours, the asset’s performance showed it rose 15% to $0.449 at the time of writing. The token increased by 20% in the previous seven days.

Meanwhile, XRP’s market cap has spiked to as high as $22.88 billion from $19.81 billion during the last 30 days.

The price rise coincided with when crypto whales purchased 420 million XRP tokens — worth $155.4 million — in the previous 30 days. Crypto analyst Ali, citing Santiment data, added that around 50 whales holding between 10 million to 100 million XRP tokens joined the Ripple network during the period.