The decentralized, open-source, and public blockchain XRP Ledger, or XRPL, celebrates a new milestone with their holder records hitting 7.7 million, the first time in 13 years, according to recent analysis.
XRPL joins ranks of crypto elites
XRPL’s growth is now on par with some of the largest networks in the crypto space.
To put this in perspective, 7.7 million holders is a historic hit; that’s more holders than the number of bank accounts held by some countries’ populations, highlighting XRPL’s adoption and also the rising investor confidence in the network.
Amid this huge milestone, reports state that starting March 30, the European Central Bank will accept tokenized collateral, providing a new platform for XRP Ledger’s infrastructure within Europe’s financial system.
This announcement also highlights XRPL’s role as a bridge between traditional finance and digital assets, beyond trading. The network has also been seeing a growth in the market activity with a five-week high of 46,767 active addresses.
Rising network activity led to market momentum
As network activity rose, the price of XRP increased by 14% over two days, briefly pushing XRP above $1.60 before it fell back down to $1.53, according to CoinCodex. Analysts view the momentum as a result of increased investor interest and XRP’s capacity to handle both the retail and institutional demands.
Beyond trading, XRPL also takes care of tokenized assets. Out of all tokenized commodities in the world, 15% are on XRPL, making it the second-largest platform globally, positioning its role in DeFi.
Earlier this month, the ledger recorded daily transactions of over 2.7 million. This, according to many analysts, is due to the near-instant settlements with menial fees that the ledger provides. This way, we could say that XRPL expands beyond the tokenized asset ecosystem into the mainstream financial infrastructure.
