XRP sees a big surge in wallet activations as price eyes $2

According to data from XRPScan, the number of XRP wallet activations has increased tenfold in the last three months.

This indicates strong interest in the Ripple-linked token, which has seen a huge surge over the past month.

In November, the token’s price rose 284%, recording its best month since December 2017. The cryptocurrency has performed significantly better amid ETF hype and speculation about a more favorable regulatory environment following the recently announced resignation of SEC Chairman Gary Gensler developed than the broader market.

As reported by U.TodayEarlier this week, XRP managed to surpass BNB, the native token of exchange giant Binance, by market capitalization.

Given that the price of the largest cryptocurrency has increased significantly, the leading XRP Ledger explorer has voted to reduce the account reserve to 1 XRP.

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“For this reason, we are voting to reduce the account reserve to 1 XRP and the object reserve to 0.2 XRP,” the account said.

Activating an account and submitting transactions requires the base reserve, which is currently set at 10 XRP. This amount cannot be spent by account holders.

It is noteworthy that the basic reserve tends to be adjusted over time. For example, after the launch of the XRP ledger, it initially started with 1,000 tokens before gradually reducing it to the current amount.

Meanwhile, Ripple conducted another scheduled monthly token unlock and released 1 billion tokens.

As U.Today reported, the total amount of XRP held by the San Francisco-based blockchain company in its escrow accounts was 38.9 million tokens.