#XRP Price Goes $3? Record Increase in Millionaire Addresses Hints at Unexpected XRP Explosion
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According to data from the cryptocurrency data analytics platform Santiment, the number of addresses holding at least one million XRP has reached a new all-time high. This surge often precedes significant price gains for the coin.
According to Santiment’s data, XRP has recently experienced a strong upsurge, pushing it to seek a high of $0.57. But what stands out most is that the so-called “millionaire addresses” of XRP have continued to hit new record highs of over 2,013. This is one address less than the previous record of 2,014 recorded in June 2023, following a major victory by Ripple against the SEC in its legal battle to prove that XRP is not a security.
Is a new bullish rally approaching for XRP?
Historically, when similar peaks occur in the number of millionaire XRP holders, Ripple’s native coin has seen significant price increases. Last June, after reaching its all-time high of millionaire addresses, the price of XRP almost doubled in a month, rising from $0.45 to nearly $1. However, it has not managed to retest those highs since then.
The renewed enthusiasm of large investors for XRP may be due to the recent announcements made by Stuart Alderoty, Ripple’s Chief Legal Officer, who publicly voiced objections to the SEC’s request to impose fines of $2 billion on Ripple for historic institutional sales of its cryptocurrency XRP.
Alderoty argues that regulators’ request for millions in sanctions is disproportionate since the case did not involve allegations or findings of reckless or fraudulent conduct by Ripple. Furthermore, the company achieved several significant victories in some of the key litigation issues. #XRPnews $XRP
