Outside Source
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
Over the past several months, the price of Ripple’s XRP has been far from its glory days, hovering in the $0.45-$0.70 range. However, many investors appear to have viewed the rates as a buying opportunity, increasing their exposure to the asset.
The market intelligence platform Santiment revealed that the amount of wallets that hold at least 1 million XRP tokens has been on the rise in the last six weeks, recently reaching 2,013. The figure is just one wallet away from reaching the previously recorded all-time high 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. https://t.co/2ZfC9v79x9 pic.twitter.com/rqKgcOYJJx
— 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
According to many cryptocurrency analysts, Ripple’s native token is currently gearing up for a significant price movement to the upside due to the approaching trial between the company and the US SEC.
The final phase of the lawsuit is set to begin today (April 23) and it may positively impact XRP’s value in the event of a Ripple victory. The opposite scenario might result in a price decline and the implementation of strict crypto-related rules.
Another element worth considering is the Bitcoin halving, which took place last week. The event, following which miners’ rewards were slashed in half, has historically been a precursor for a major BTC rally and an overall market resurgence.
By the time of the previous halving in 2020, XPR’s valuation stood at less than $0.20, while a year later, it skyrocketed to almost $2.
This article first appeared at CryptoPotato
