Will XRP price go to $3? Record increase in millionaires hints at unexpected XRP explosion ⋆ ZyCrypto

The number of addresses holding at least 1 million XRP has reached an all-time high, according to data from cryptocurrency data analytics platform Santiment. These surges often precede significant price increases in the coin.

XRP recently experienced a strong surge, chasing a high of $0.57, according to data from Santiment. But the most striking thing is the so-called. “Millionaire Address” XRP’s trading volume continued to hit record highs of over 2,013. This is one less address than the previous record of 2,014, set in June 2023 after Ripple scored a major victory over the SEC in its legal battle to prove that XRP is not a security.

Is a new bull rally coming for XRP?

Historically, when the number of millionaire XRP holders has reached similar peaks, Ripple’s native coin has seen significant price gains. After reaching an all-time high for millionaire addresses last June, the price of XRP nearly doubled in a month, rising from $0.45 to nearly $1. However, the highs have not been retested since.

The renewed enthusiasm among large investors for XRP can be attributed to a recent announcement from Ripple’s Chief Legal Officer Stuart Alderoty. He has publicly expressed objection to the SEC’s request to fine Ripple $2 billion over historic institutional sales of the cryptocurrency XRP.

Alderoty argues that the regulator’s request for multi-million dollar sanctions is disproportionate because the case did not involve any allegations or findings of reckless or fraudulent conduct by Ripple. The company has also achieved several significant victories in some key litigation matters.

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Alderoty therefore believes that the SEC’s request for massive fines is another example of an intimidation campaign against the cryptocurrency sector in the United States. Meanwhile, the lawyer pointed out that Ripple remains confident that the judge overseeing the case will not be swayed by the SEC’s excessive demands and will handle the final stages of sanctions and relief fairly and impartially.

The exact date for the conclusion of the SEC’s lawsuit against Ripple is not yet known, but cryptocurrency investors will continue to await the outcome of this case as its conclusion will likely trigger a series of significant events for XRP and the cryptocurrency industry as a whole. We are monitoring closely.

Therefore, the increase in millionaire addresses is often interpreted as a significant bullish signal indicating that large investors and whales are accumulating XRP in anticipation of an imminent rally, while everyone is eagerly awaiting the outcome of the lawsuit against Ripple for a clearer vision. . Cryptocurrency is headed.

As of this writing, XRP is trading at $0.524 after rising 1.6% in the last 24 hours. As XRP heads to $3, could this be the start of the bullish rally predicted by Ripple CEO Brad Garlinghouse?