Less than 221 separate users currently hold approximately 30% of the entire circulating supply of XRP, according to recent findings.
This concentration of ownership within such a limited group has raised concerns about the equitable distribution of XRP and the potential impact on market dynamics. Advocates for increased adoption argue that a more widespread and diverse ownership base is vital for the long-term stability and growth of XRP.
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Prominent lawyer and digital asset enthusiast, Bill Morgan, has joined the call for broader participation in the XRP ecosystem. Morgan highlights the need for more users to purchase and hold XRP to counterbalance the concentration of ownership currently observed.
Figures reveal that a mere 221 accounts, which potentially represent fewer unique users, hold such a significant portion of the XRP circulating supply.
Morgan, in response to an XRP price behavior analysis by a popular XRP YouTuber Moon Lambo, emphasized the importance of addressing this concerning trend.
Moon Lambo conducted a detailed examination of XRP’s price movement relative to Bitcoin (BTC). Lambo challenges the prevalent notion that attributes every substantial drop in the XRP price solely to fundamental factors related to the cryptocurrency project. Instead, he argues that human behavior significantly influences the volatility experienced by XRP.
Lambo’s long-term analysis uncovers a notable correlation between the performance of XRP and Bitcoin. While short-term price comparisons may fluctuate, the broader perspective reveals an intriguing relationship between the two digital assets.
Lambo dismisses the use of short-term price comparisons as indicators of the long-term viability of XRP and Bitcoin. He emphasizes that these cryptocurrencies exhibit variations in behavior during market fluctuations and crash scenarios.
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For instance, Lambo presents Santiment’s data indicating instances where XRP’s price surged by 4% while Bitcoin remained stagnant. He underscores that short-term comparisons cannot accurately forecast the future prospects of these cryptos.
According to Lambo, the recent drop in XRP’s price is primarily a result of human behavior rather than any fundamental weaknesses within the cryptocurrency itself. He emphasizes that this decline should not be interpreted as an indication of XRP’s long-term viability or a suggestion that it will never outperform Bitcoin again.
Lambo argues that external factors and shifting market sentiments play significant roles in short-term price movements and should not form the basis for long-term projections.
As of now, XRP is trading at $0.52, reflecting a 1.31% loss in the past 24 hours. Meanwhile, Bitcoin has experienced a 0.22% increase during the same period and is valued at $26,032.
Stay tuned for further developments in the XRP market as efforts to enhance adoption and address the concentration of ownership gain momentum.
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