Ripple (XRP) Hits Millionaire Address Record; Could it Signal a Turnaround?

Despite
what
has
been
a
rather
disappointing
year
thus
far,
Ripple
(XRP)
has
officially
reached
a
millionaire
address
record.
Indeed,
Santiment
data
shows
that
the
number
of
addresses
that
hold
1
million
XRP
has
reached
more
than
2,000,
which
indicates
an
all-time
high
in
the
metric
for
the
asset.

XRP
has
certainly
struggled,
as
it
has
been
stuck
between
$0.50
and
$0.52
for
the
last
several
months.
Moreover,
it
has
been
unable
to
develop
any
notable
momentum
despite
the
digital
asset
market’s
prominence
so
far
in
2024.
Subsequently,
many
investors
are
pondering
if
the
millionaire
addresses
could
indicate
an
impending
and
long-awaited
turnaround.

Also
Read:
Robinhood
May
List
Ripple’s
XRP
After
Exchange
Acquisition

Ripple’s
2,000
XRP
Millionaires
is
New
Record

The
cryptocurrency
industry
has
seemingly
dominated
the
finance
sector
so
far
this
year.
With
two
crypto-based
ETFs
getting
regulatory
approval
in
the
last
five
months,
there
has
been
growing
interest
in
the
market
as
a
whole.
However,
that
has
not
benefited
every
token.

One
asset
that
has
certainly
struggled
in
its
price
is
Ripple.
At
the
end
of
the
week,
the
asset
plummeted
to
$0.48
on
Friday,
along
with
an
overall
market
downturn.
Indeed,
it
dropped
as
much
as
7%,
according
to
CoinMarketCap
data.
However,
there
is
some
hope
present
in
recent
metrics
regarding
the
most
ardent
XRP
holders.

Also
Read:
Ripple
XRP
Weekly
Price
Prediction:
Early
June
2024

Ripple
has
reached
an
all-time
high
in
XRP
millionaire
addresses,
according
to
data.
Indeed,
this
indicates
that
there
have
never
been
this
many
wallets
that
hold
at
least
a
million
of
the
XRP
tokens.
However,
the
question
is
whether
or
not
a
bullish
rally
could
ensure
the
growth
of
this
metric.

There
is
little
optimism
among
many,
considering
the
asset’s
recent
stagnation.
Moreover,
there
is
the
expectation
that
it
could
remain
this
way
until
Ripple
and
the
US
Securities
and
Exchange
Commission
(SEC)
settle
their
years-long
lawsuit.

Until
then,
many
expect
that
asset
to
fail
in
its
attempt
to
break
through
the
$0.50
level.
However,
only
time
will
tell
if
this
is
the
case,
or
if
any
moment
can
be
gathered
for
the
asset
and
its
investors.