• XRP has recently seen an increase in the number of trust lines created and assets issued on its ledger, signaling traders’ commitment to holding XRP.
• The holder count has also increased, with the 0-100 coin retail cohort surpassing 3 million and addresses holding 100-100,000 XPRs increasing.
• Investors need to keep an eye on the outcome of Ripple’s appeal against the SEC as it could impact the long term price action of XRP.
Why XRP Could be a Profitable Long-Term Asset
Ripple [XRP] has long been a prominent player in the cryptocurrency space. But its value as a long-term investment asset has struggled to gain attention since its case with the U.S. SEC began.
Activity on XRPL Increased
Following Ripple’s partial win and XRP’s surge, holders have now held strong the belief that the token is destined for success. Activity on the XRPL increased, signaling traders’ commitment to holding XRP. The daily net amount of trust lines created on the ledger jumped from -33,000 to -1898, which means that holders may have made a compelling choice that XRP’s long-term price action was one to be optimistic about.
Holder Count Increases
The supply distribution provides further insight into why investors could be positive about investing in Ripple’s token for the long run. The number of addresses in both 0-100 and 100-100,000 cohorts increased significantly, suggesting a surge in demand for XRP.
SEC Appeal Outcome is Key
Investors need to watch out for the outcome of Ripple’s appeal with SEC as this could potentially affect long term price action of XRP.