XRP Adoption Lags Rivals, But Price Soars 42% in Recent Months

XRP adoption has not matched earlier forecasts, but its price has soared in recent months placing it among the world's top digital assets.

Over the past two years, investors have witnessed a significant increase in the number of non-empty wallets for crypto’s top four coins, according to data shared by blockchain analysis platform Santiment in a post on X (NYSE:SQ) (舊稱 Twitter).

Santiment recorded 54.7 million non-empty wallets for Bitcoin, 134.9 million for Ethereum, 6.57 million for USDT, and 5.75 million for XRP.

Non-empty wallets for Bitcoin rose 27%, Ethereum rose 47%, USDT rose 66%, and XRP rose 28% in the past two years. Compared to its major rival ETH, the cryptocurrency has struggled to attract the majority of investors.

A major reason behind this lagging adoption could be the ongoing lawsuit between American fintech firm Ripple and the United States Securities and Exchange Commission (SEC).

Moreover, the demand for both Bitcoin and Ether exploded after the debut of their spot exchange-traded funds in the US earlier this year. XRP has yet to see a similar product debut in the market.

However, with the potential appointment of Paul Atkins as the upcoming SEC Chair and the possibility of a broader pro-crypto administration, the Ripple vs. SEC lawsuit could end sometime in the next year.

XRP Price Action

As per the data provided by CoinMarketCap, XRP has crashed almost 9% in the last seven days but is still up a massive 42% in the last 30 days and 255.91% since December last year. The cryptocurrency has hit multi-year highs this year and has a market cap of $125 billion.

The Relative Strength Index (RSI) for the XRP price action reads a value of 51.86, which means that the bulls are now losing control, and the gradient of the line suggests that lower prices could be seen in the near future. But, if prices hold above $2, a move towards $2.5 is likely.

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