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XRP has catapulted to a new all-time high in millionaire addresses, per Santiment, signaling a potential bullish trend for the popular altcoin. Thus, the latest report reveals a staggering spike in XRP's price, soaring as high as $0.5715 today. What is more interesting, though, is the surge in the number of wallets holding at least one million XRP, which now stands at 2,013, just shy of the previous peak recorded in June 2023.
Examining the chart attached to the post, it is evident that XRP is on the brink of rewriting history, with only one wallet needed to match the previous record of 2,014 millionaire addresses. Notably, the last time XRP witnessed such a surge in millionaire addresses, it preceded a remarkable price rally, with the token nearly doubling in value to around $1 per token in just one month.
Recalling the events of June 2023, market participants may remember the significant price pump triggered by the news that a judge had ruled XRP as a nonsecurity in the SEC v. Ripple litigation. The correlation between the increase in millionaire addresses and subsequent price rallies raises intriguing questions about the dynamics at play within the XRP ecosystem.
While it remains to be seen if there is a direct correlation between the surge in millionaire addresses and sudden price rallies, the intricate interplay between the actions of major players, XRP price movements and historical patterns suggests that the XRP market is one to watch closely.