Opinion: XRP hits a new high with one million addresses holding positions, and the price may usher in an upward trend

According to U.Today, data from Santiment shows that the number of million addresses holding XRP positions has reached a new high, which may indicate a bull trend for this popular alternative currency. The latest reports show that the price of XRP has experienced an alarming surge, reaching as high as $0.5715 today. Even more interestingly, the number of wallets holding at least one million XRP has now reached 2,013, which is 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, the price subsequently surged, with the token value almost doubling in a month to around $1 per token. Looking back at the events of June 2023, market participants may recall that the news that a judge ruled that XRP did not constitute a security in the SEC vs. Ripple lawsuit triggered a huge price increase. The correlation between the increase in the number of million addresses and subsequent price increases 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 suggest that the XRP market deserves close attention.