According to a recent report by Santiment, the digital token XRP has experienced a remarkable surge in the number of addresses holding a minimum of one million tokens.
This increase has resulted in XRP reaching an all-time high in millionaire addresses, which is very bullish for the embattled cryptocurrency. It also coincides with the mild recovery recently recorded by the digital asset.
Read Also: Required Amount of XRP to Attain Millionaire Status at $5, $10, and $50 Price Levels
On the 22nd of April, XRP reached a price of $0.5715, marking a notable increase. However, a more intriguing aspect lies in the on-chain data. The number of wallets holding at least one million XRP has reached 2,013, nearing the previous peak recorded in June 2023.
As of the time of the report, according to Santiment, only one additional wallet is needed to surpass the prior record of 2,014 millionaire addresses.
🐳 The price of #XRP has jumped ahead of the #altcoin pack, jumping +6% and as high as $0.5687 today. The amount of wallets, 2,013, holding at least 1M $XRP has been surging over the past six weeks (rising 3.1%), and is within 1 wallet of the #AllTimeHigh. https://t.co/2ZfC9v79x9 pic.twitter.com/rqKgcOYJJx
— Santiment (@santimentfeed) April 22, 2024
Historical Correlation Suggests Potential Rally
An analysis of historical data reveals a potential correlation between the rise in XRP millionaire addresses and subsequent price rallies. In June 2023, a surge in millionaire addresses coincided with a significant price increase for XRP.
The token’s value nearly doubled to around $1 within a month, following news of a favorable court ruling in the SEC v. Ripple lawsuit, where the judge did not classify XRP as a security.
Investor Confidence and Market Dynamics
The recent increase in millionaire addresses for XRP could be interpreted as a sign of growing investor confidence. Large investors holding substantial amounts of XRP may be signaling their belief in the long-term potential of the token. This, in turn, could attract further investment and contribute to a price increase.
We are on twitter, follow us to connect with us :- @TimesTabloid1
— TimesTabloid (@TimesTabloid1) July 15, 2023
Read Also: XRP Holdings Required To Attain Millionaire Status at $3, $5, $10, $50, and $100 Prices
Uncertainties and Market Observation
While a definitive causal link between rising millionaire addresses and XRP price rallies cannot be established, the historical similarities warrant close observation. The actions of major investors, XRP price movements, and historical trends suggest that the XRP market will likely undergo careful monitoring in the coming weeks and months.
Further developments in the ongoing SEC v. Ripple lawsuits and overall market conditions will likely play a significant role in shaping the trajectory of XRP. Investors and market analysts will likely pay close attention to the number of millionaire addresses and its potential influence on XRP’s price.
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