Santiment reports a 28% increase in non-empty XRP wallets, lagging behind Bitcoin, Ethereum, and USDT. XRP’s recent price surge is notable, despite slower adoption rates attributed to the ongoing SEC lawsuit. The cryptocurrency currently faces a critical price threshold near $2, with potential for future gains if market conditions improve.

Recent analysis by Santiment highlights a significant yet uneven growth in non-empty wallets among the major cryptocurrencies: Bitcoin, Ethereum, USDT, and XRP. Over the past two years, while Bitcoin saw a 27% increase in non-empty wallets totaling 54.7 million, Ethereum’s wallets rose by 47% to 134.9 million. USDT’s non-empty wallets experienced the highest growth at 66%, amounting to 6.57 million, whereas XRP’s growth was comparatively modest at 28%, with 5.75 million non-empty wallets.

Despite XRP’s recent price surge, which has positioned it among the leading digital assets, its adoption has not kept pace with Bitcoin, Ethereum, and Tether. The ongoing legal challenges faced by Ripple, XRP’s parent company, against the SEC have hindered broader acceptance. Conversely, Bitcoin and Ethereum have enjoyed enhanced demand following the launch of their spot exchange-traded funds in the United States earlier this year, a development that has yet to benefit XRP.

On the price front, XRP has experienced a 9% decline over the last week but remains up significantly, boasting a 42% increase in the past 30 days and an impressive 255.91% rise since last December. As of now, XRP is testing the crucial $2 price threshold, and indicators suggest a potential upswing could materialize if the price remains above this mark.

It is worth noting that the potential appointment of Paul Atkins as the new SEC Chair could change the regulatory landscape, thus providing a renewed hope for a resolution in the Ripple vs. SEC case. Should a favorable outcome arise, XRP may find new pathways for adoption and market acceptance.

The cryptocurrency market has recently witnessed fluctuating trends in wallet adoption among major digital currencies. Bitcoin (BTC), Ethereum (ETH), and Tether (USDT) have shown more robust wallet growth compared to XRP. This is indicative of varying levels of investor interest, which is crucial in assessing the market position of these cryptocurrencies. The backdrop of these developments includes ongoing regulatory concerns, particularly the lawsuit against Ripple by the U.S. Securities and Exchange Commission, which has limited XRP’s ability to attract new investors.

In summary, while XRP has demonstrated remarkable price increases in recent months, its adoption levels have not mirrored this growth when compared to Bitcoin, Ethereum, and USDT. Various factors, including ongoing legal battles and the absence of recent financial products supporting XRP, have contributed to this disparity. However, potential regulatory changes on the horizon may herald new opportunities for XRP’s acceptance and market performance moving forward.

Original Source: coinedition.com

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