The native token of the XRP Ledger, XRP, has reached a new milestone when it comes to the number of wallets on the network, as it has recently surpassed the 5 million mark, a notable increase from last year’s start of 4 million.

The growth in XRP wallet addresses suggests that the network’s user base is increasing, as its adoption amid a wider cryptocurrency market recovery that has seen the price of Bitcoin recently surpass the $45,000 mark for the first time since March 2022.

Recently, XRP transactions have also seen a surge, maintaining numbers well over 5 million since the start of the year, further pointing to the cryptocurrency’s growing adoption. Over the past year, it’s worth noting, the price of XRP surged around 65%.

Nevertheless, a cryptocurrency analyst has suggested it could keep climbing to potentially reach $27 per token in a significant rise following Ripple’s legal victories over the U.S. Securities and Exchange Commission (SEC).

In 2020, Ripple faced a lawsuit from the SEC for supposedly breaching U.S. securities regulations by selling XRP without first registering with the agency.

Judge Analise Torres determined that XRP was indeed a security when Ripple initially sold it to institutional investors, but not when it was sold to the general public.

Judge Torres’ primary reasoning was that institutional investors who purchased XRP from Ripple likely understood that it possessed certain characteristics of a security. However, this information was not necessarily available to those who acquired XRP through cryptocurrency exchanges.

As CryptoGlobe reported, last month a popular cryptocurrency analyst suggested XRP could soon outperform the flagship cryptocurrency Bitcoin (BTC) and surge as much as 1,500% against it if it breaks through a key level.

Per his words, it appears to be a “matter of time for XRP to make a 88%+ move” against the flagship cryptocurrency, which would see the cryptocurrency greatly outperform Bitcoin. The analyst added that a break and hold above the major resistance at around 0.000027 BTC, then XRP could surge as much as 1,500% against Bitcoin.

Earlier, another popular analyst recently suggested that a “parabolic move is imminent” for the native token of the XRP Ledger, over a rare bullish pattern that was formed on the cryptocurrency’s price charts.

Featured image via Pixabay.