Ripple (XRP) Hits Millionaire Address Record; Could it Signal a Turnaround?
Despite what has been a rather disappointing year thus far, Ripple (XRP) has officially reached a millionaire address record. Indeed, Santiment data shows that the number of addresses that hold 1 million XRP has reached more than 2,000, which indicates an all-time high in the metric for the asset. XRP has certainly struggled, as it has been stuck between $0.50 and $0.52 for the last several months. Moreover, it has been unable to develop any notable momentum despite the digital asset market’s prominence so far in 2024. Subsequently, many investors are pondering if the millionaire addresses could indicate an impending and long-awaited turnaround. The cryptocurrency industry has seemingly dominated the finance sector so far this year. With two crypto-based ETFs getting regulatory approval in the last five months, there has been growing interest in the market as a whole. However, that has not benefited every token.
One asset that has certainly struggled in its price is Ripple. At the end of the week, the asset plummeted to $0.48 on Friday, along with an overall market downturn. Indeed, it dropped as much as 7%, according to CoinMarketCap data. However, there is some hope present in recent metrics regarding the most ardent XRP holders. Until then, many expect that asset to fail in its attempt to break through the $0.50 level. However, only time will tell if this is the case, or if any moment can be gathered for the asset and its investors.