According to U.Today, XRP has experienced a significant increase in millionaire addresses, hinting at a potential bullish trend for the altcoin. The latest data shows a dramatic rise in XRP's price, reaching as high as $0.5715. More notably, the number of wallets holding at least one million XRP has increased to 2,013, nearing the previous peak recorded in June 2023.
The data suggests that XRP is on the verge of setting a new record, with only one more wallet needed to match the previous record of 2,014 millionaire addresses. The last time XRP saw such a surge in millionaire addresses, it was followed by a significant price rally. The token's value nearly doubled to around $1 per token within a month.
Looking back at June 2023, market participants may recall the substantial price increase triggered by the news of a judge ruling XRP as a nonsecurity in the SEC v. Ripple litigation. The correlation between the rise in millionaire addresses and subsequent price rallies raises interesting questions about the dynamics within the XRP ecosystem.
However, it is still unclear whether there is a direct correlation between the increase in millionaire addresses and sudden price rallies. The complex relationship between the actions of major players, XRP price movements, and historical patterns suggests that the XRP market is one to monitor closely.