The number of XRP addresses holding at least one million coins has reached a new all-time high, according to data from Santiment. This surge in millionaire addresses often precedes significant price gains for the coin. Recently, XRP experienced a strong upsurge, pushing it to a high of $0.57, while the number of millionaire addresses surpassed 2,013. This renewed interest from large investors could signal a new bullish rally for XRP, as historically, significant increases in millionaire holders have led to price spikes in the past.
After reaching an all-time high in millionaire XRP addresses last June, the price of XRP almost doubled in a month, rising from $0.45 to nearly $1. However, it has not been able to retest those highs since then. The recent announcements by Ripple’s Chief Legal Officer, Stuart Alderoty, regarding the SEC’s request for fines against Ripple have also fueled investor enthusiasm. Alderoty argues that the SEC’s demand for a $2 billion fine is disproportionate and part of an intimidation campaign against the cryptocurrency sector in the US. Ripple continues to express confidence that the judge overseeing the case will address the issue fairly.
The SEC’s case against Ripple is closely monitored by crypto investors, as its conclusion is expected to trigger significant events in the crypto industry. While the increase in millionaire XRP addresses is considered a bullish signal indicating accumulation by large investors, the outcome of the case against Ripple will provide a clearer vision of XRP’s future. Currently, XRP is trading at $0.524, with a 1.6% increase in the last 24 hours. Investors are hopeful that this could be the beginning of the bullish rally predicted by Ripple CEO Brad Garlinghouse, with the coin heading towards $3.
In conclusion, the surge in XRP’s millionaire addresses is a positive indication for the coin’s future price movement. With historical evidence showing that such peaks often lead to significant price increases, investors are optimistic about XRP’s potential. The ongoing legal battle between Ripple and the SEC also plays a crucial role in shaping investor sentiment towards XRP. As the case unfolds, market participants will be closely watching for any developments that could impact the cryptocurrency’s trajectory. Overall, the outlook for XRP appears positive, with the potential for a bullish rally on the horizon.
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