XRP Price Headed to $3?

Recent data from cryptocurrency analytics platform Santiment indicates a record number of addresses holding at least one million XRP. This development often signals significant price gains for the coin.

Current Price Surge

Santiment's data shows XRP recently surged to $0.57. The number of "millionaire addresses" has climbed to over 2,013, just one shy of the record 2,014 recorded in June 2023. This peak occurred after Ripple's legal victory against the SEC, which affirmed that XRP is not a security.

Historical Patterns

Historically, peaks in millionaire XRP holders have preceded substantial price increases. Last June, after hitting an all-time high of millionaire addresses, XRP nearly doubled in price within a month, rising from $0.45 to almost $1.

Although it hasn't reached those highs since, the current surge in millionaire addresses suggests a possible repeat of this pattern.

Ripple's Legal Battle

The renewed interest from large investors may be linked to recent statements by Ripple’s Chief Legal Officer, Stuart Alderoty. He criticized the SEC's request for $2 billion in fines for historical institutional sales of XRP, arguing that the sanctions are excessive given the absence of allegations of reckless or fraudulent conduct by Ripple.

Alderoty sees this as part of the SEC’s broader intimidation tactics against the cryptocurrency sector. He remains confident that the judge will address the sanctions fairly, unaffected by the SEC's demands.

Market Impact

Although the conclusion of the SEC's case against Ripple remains undetermined, investors are closely watching its outcome. They anticipate that it will significantly impact XRP and the broader crypto market.

With the increase in millionaire addresses and the ongoing legal battle with the SEC, the future of XRP remains a topic of significant interest. Investors are keenly observing these developments, speculating on whether XRP is poised for another major surge.