XRP has emerged as a standout performer in the ongoing cryptocurrency market rally, overcoming a prolonged consolidation that had previously cast doubts on its long-term viability.
Recent price movements have bolstered confidence in the asset, reflecting a strong distribution network spanning institutional custodians, major exchanges, and individual investors.
As of December 2024, XRP is trading at $2.59, marking a 3.03% increase over the past 24 hours and an impressive 20.85% gain over the past week. With its maximum supply capped at 100 billion tokens, approximately 57 billion XRP is currently in circulation.
Ripple, the major distributor of XRP, continues to play a significant role in managing the asset’s supply through its escrow accounts, which hold 38.04 billion XRP. These accounts release tokens gradually to maintain market liquidity and supply control.
Major XRP Holders
Ripple remains the largest custodian of XRP tokens. Data from the XRP Scan on December 7 reveals that Ripple’s escrow accounts collectively hold 5 billion XRP. These holdings are distributed across accounts labeled Ripple (11), Ripple (10), and Ripple (28).
Among other key holders, major cryptocurrency exchanges feature prominently. Uphold and Binance rank ninth and tenth, with approximately 1.84 billion XRP and 1.83 billion XRP, respectively. Additional significant holders include Bithumb with 1.39 billion XRP, UPbit with 1.22 billion XRP, and Coincheck, which holds 623.4 million XRP.
While XRP’s distribution spans various entities, its concentration in a few major holders has drawn criticism. Some experts argue that such concentration could lead to centralized control, which raises questions about XRP’s decentralization.
Financial analyst Rajat Soni has previously expressed concerns, stating that XRP’s structure could facilitate price manipulation and labeling it a “scam.”
Despite these concerns, Ripple does not control the XRP Ledger. Any changes to the ledger require consensus among its validators, ensuring no single entity can unilaterally alter its structure.
We are on twitter, follow us to connect with us :- @TimesTabloid1
— TimesTabloid (@TimesTabloid1) July 15, 2023
Current Market Performance and Technical Outlook
XRP has demonstrated strong bullish momentum supported by favorable technical conditions. According to an analysis shared by cryptocurrency expert Cryptoinsightuk on December 7, XRP could reach $5.26 by December 11.
The analyst noted that XRP recently broke through critical resistance levels, specifically the 0.5–0.618 Fibonacci retracement zones. These levels are often pivotal for price reversals, and XRP’s ability to surpass them has fueled speculation about its continued upward trajectory.
The current technical setup resembles a previous phase during which XRP rapidly surged to the 4.236 Fibonacci extension within three days. If the asset repeats this pattern, it could achieve the ambitious $5.26 target in the short term. However, the analyst cautioned that XRP might enter overbought territory, signaling the potential for a near-term pullback.
Factors Supporting XRP’s Growth
Beyond its technical outlook, XRP’s recent rally is supported by favorable market fundamentals. The broader cryptocurrency market has benefitted from a shift in regulatory sentiment, particularly following the nomination of a pro-crypto candidate to replace outgoing SEC Chair Gary Gensler.
Additionally, Ripple has gained momentum following positive developments in its ongoing legal battles and increased institutional adoption of blockchain technologies. These factors collectively strengthen XRP’s position as a leading cryptocurrency despite persistent concerns about its centralized token distribution.
With a 366% increase in value over the past month, XRP has proven its resilience and remains one of the most closely watched digital assets heading into 2024. However, its trajectory will depend on continued market support, regulatory clarity, and the asset’s ability to sustain its technical momentum.
Disclaimer: This content is meant to inform and should not be considered financial advice. The views expressed in this article may include the author’s personal opinions and do not represent Times Tabloid’s opinion. Readers are urged to do in-depth research before making any investment decisions. Any action taken by the reader is strictly at their own risk. Times Tabloid is not responsible for any financial losses.
Follow us on Twitter, Facebook, Telegram, and Google News
