According to U.Today, data from Santiment shows that the number of XRP holdings has hit a new high, which may indicate a bullish trend for this popular alternative currency. The latest report shows that the price of XRP has seen a surprising surge, soaring to $0.5715 today. More interestingly, the number of wallets holding at least one million XRP has now reached 2,013, just one less than the previous peak recorded in June 2023.
Notably, the last time XRP witnessed a surge in the number of millionaire addresses, it was followed by a significant price increase, with the token value nearly doubling in a month to approximately $1 per token. Looking back at the events of June 2023, market participants may recall that the massive price increase was triggered by the news that a judge had ruled that XRP did not constitute a security in the SEC vs. Ripple lawsuit. The correlation between the increase in the number of millionaire addresses and the subsequent price increase raises interesting questions about the dynamics within the XRP ecosystem. While it has not yet been determined whether there is a direct correlation between the surge in the number of millionaire addresses and the sudden price increase, the complex interaction between the actions of major players, XRP price action, and historical patterns suggests that the XRP market warrants close attention.