Ripple has recently reached a record in XRP millionaire as it continues to ride what has been a 10% weekly surge. Indeed, crypto analytics firm Santiment has noted that addresses with a million XRP have reached a new all-time high. Moreover, it noted that the more than 2,013 addresses have been increasing over the last six weeks, rising 1.3%.
That has coincided with positive performances for the asset over the last several days. Although it is currently down more than 3% and trading at $0.53, it is riding a seven-day green streak according to CoinMarketCap. Its continued increases seemingly began with the arrival of the Bitcoin Halving Event on April 19th.
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XRP Millionaires Reaches All-Time High
Throughout the year, a lot of cryptocurrency investors had high hopes for Ripple (XRP). The asset has one of the most promising growth trajectories due to its relevance to cross-border payments and all Ripple Labs projects.
However, those expectations have not been met so far in 2024. The asset spent the first three months fighting to surpass the $0.50 mark consistently. However, those tides appear to be turning as Ripple reached a record in XRP millionaires while the asset rides a 10% green streak over the last seven days.
Santiment identified the record when discussing the 6% price increase the asst had observed earlier this week. Moreover, on Monday it reached a high of nearly $0.57 which was an extremely positive development for the digital asset.
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However, all eyes are now on whether or not the token can continue that upward trend. Over the last 24 hours, it has decreased noticeably in price. Some investors have identified the ongoing US Securities and Exchange Commission (SEC) lawsuit as a premiere reason for the asset’s value decline.
A resolution to the years-long court battle could have a dynamic impact on the asset’s value. There is no clear timetable for the end, as both sides have recently proposed settlements that differ greatly.
Ripple had issued a $10 million settlement in response to the SEC’s requested $2 billion worth of fine payments. Whether or not the two sides can bridge the gap and move on from this remains to be seen. When that moment does come, it should be vitally important for XRP’s price.