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

Joshua Ramos
Ripple (XRP) at $1
Source: Watcher.Guru

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.

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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.

Ripple (XRP)
Source: Watcher.Guru

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.