TL;DR
- The number of XRP wallets holding at least 1 million tokens is nearing an all-time high, reflecting increased investor interest despite recent value fluctuations.
Ripple’s final trial phase with the SEC and the Bitcoin halving are anticipated to significantly influence the asset’s price movement.
XRP Investors on the Move
For the past few months, XRP‘s price by Ripple has been below its best, fluctuating between $0.45 and $0.70. Still, many investors seem to see this as a chance to buy, upping their involvement with the asset.
In the past six weeks, the number of XRP wallets holding over 1 million tokens, as reported by market intelligence platform Santiment, has been increasing and now stands at 2,012. This figure is very close to the all-time high of 2,013 reached in June 2023.
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.
— Santiment (@santimentfeed) April 22, 2024
Recall that XRP was trading at approximately $0.50 back then, while its price exploded above $0.80 a month later. This happened following Ripple’s first major (yet partial) court victory against the US Securities and Exchange Commission (SEC).
Factors That May Trigger XRP Bull Run
Based on the views of several experts in cryptocurrency analysis, Ripple’s own token is likely preparing for a notable price increase as the upcoming trial between the company and the US Securities and Exchange Commission draws near.
The last stage of the legal battle for XRP starts today (April 23). A favorable outcome for Ripple could potentially boost XRP’s worth, while a loss might lead to a decrease in price and harsher crypto regulations.
An alternative aspect to ponder is the Bitcoin halving, which occurred recently. This occurrence, resulting in miners receiving only half their previous rewards, often signals a robust Bitcoin price surge and market revival.
In the past, by the time XPR underwent its last halving in 2020, its value was barely above $0.20. However, within a year, its price soared remarkably and reached close to $2.
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2024-04-23 23:18