In its 13th year since launch, XRP keeps a firm place among the top five by market capitalisation. But the share of 'committed investors' holding at least 10,000 units is only in the 4 percent range. The figure is markedly lower than for bitcoin (BTC), suggesting XRP's holding structure remains in an early growth phase rather than a mass-adoption stage, according to an analysis.

On Jan. 7, blockchain media outlet The Crypto Basic reported this, citing XRP rich list data released by crypto market analyst Cryptobilbuwoo.

The data show about 330,000 accounts, or 329,176, hold at least 10,000 XRP. That is 4.39 percent of the total number of XRP wallets, 7,488,982. Given the on-chain characteristic that a single investor uses multiple wallets, the number of individual investors holding at least 10,000 XRP is estimated to be much smaller.

Scarcity becomes more pronounced among higher-net-worth holders. 'Whale' accounts holding at least 1 million XRP total 1,980, or 0.026 percent of the total, while there are only 508 'super whales' worldwide holding 10 million XRP (about $24 million) or more.

The gap is clear compared with bitcoin, the leading cryptocurrency. About 4,456,000 wallets hold 0.1 bitcoin, and 975,675 wallets hold 1 bitcoin or more. Based on current prices, 10,000 XRP (about $22,400) is similar in value to about 0.25 BTC, suggesting XRP has a relatively narrow investor base.

The market is split on how to interpret the data. Some say it signals that retail investors' holdings are shrinking while whales continue to accumulate, arguing the XRP market is still in an early entry phase.

XRP has posted a record rise of more than 38,000 percent over the past 13 years, but the market remains small compared with bitcoin. That can be seen as an entry opportunity for latecomers, but it does not guarantee dramatic returns on investment as in the past, calling for a cautious approach.

Ultimately, the key is the 'pace of mass adoption'. Whether the current market structure led by a small number of whales can broaden inflows of individual investors and expand liquidity is expected to be a key variable shaping XRP's future price direction.

Are there really only this many people in the world who own XRP? There are only 330,000 accounts holding more than 10,000 XRP. And with people holding multiple accounts, that number is likely even lower. HODL. https://t.co/sHJVCVfYOr pic.twitter.com/kAv0D61SOx