Misconceptions About XRP Wallets and New Institutional Inflows
- Crypto analyst CryptoTank highlights that nearly seven million wallets holding XRP do not equate to seven million unique holders.
- CryptoTank suggests the actual number of distinct XRP holders is below one million globally.
- The newly launched Spot XRP ETF in the U.S. recorded $243.05 million in inflows on its first full trading day, November 14.
- XRP is currently trading at $2.26, down by approximately 1.4% in the past day.
The discussion around XRP wallet counts reveals a smaller holder base than previously assumed, suggesting potential for significant price impact with increased demand from new institutional products like the Spot XRP ETF.
With under one million distinct holders, any substantial increase in demand could notably affect XRP’s market dynamics, as evidenced by the recent ETF inflows despite current price declines. (Source)
