XRP Retraces 15% After Reaching 10-Month High Of $0.58 In The Past Week

XRP has experienced over 15% price retracement after initially hitting a whooping 10-month high over the last week. The past week has seen the sixth-largest cryptocurrency in the world by market capitalization rise to over $0.58. The last time this digital asset touched this mark was May 2022. However, the coin has since entered a retracement losing over 14% in 7 days.

According to a chart by TradingView, the coin currently plateaus at around $0.51, where it has been for the past two days.

XRP Retraces 15.12% After Reaching a 10-Month High of $0.58 in the Past Week source @Tradingview

Is This A Mere Correction Or Downtrend?

With such a significant downturn, Ripple has left many investors wondering if the coin is still in an uptrend or a complete trend reversal. However, recent happenings in the XRP ecosystem suggest that this is nothing to be worried about.

Recent trends indicate that XRP is gaining more interest from investors, as evidenced by the increasing number of cryptocurrency wallet addresses. One significant trend is the consistent growth in the number of XRP addresses holding $100,000 or more of the asset. This year alone, there have been over 13,800 recorded addresses with this amount or more.

Growth Of XRP Addresses Reaches New Highs

An anonymous XRP supporter recently drew attention to this positive development in a tweet, highlighting a chart from Coin Metrics that revealed the growth in the number of XRP wallet addresses containing at least $100,000 worth of the cryptocurrency.