Wallets With One Million XRP Near All-Time High — How Is This Affecting Ripple Price?
Wallets holding at least 1 million XRP nears its all-time time, last seen in June last year. Does this mean, XRP is ready for a rally?
Key Takeaways
- XRP is just one wallet away from its record millionaire count, signalling a possible price uptrend.
- XRP’s recovery hints at potential bullish market phase.
- Breakout near; XRP may trend towards $1.
Ripple’s XRP garners attention with wallets holding over one million tokens reaching a historic threshold. the market buzzes, anticipating its potential impact on XRP‘s price.
This near-record number of ‘whale’ wallets, as reported by Santiment , has historically been a precursor to significant price movements, raising speculation about an upcoming bullish trend as XRP‘s price recovers over 32% from its recent low.
One Million XRP Wallets
XRP has reached a new zenith in terms of addresses holding over a million coins, hinting at a possible upward trend.
Recent price action has seen XRP hit a notable $0.5715 and a significant rise in ‘whale’ wallets, reaching 2,013. This is just one below June 2023’s record of 2,014 millionaire addresses.
Historically, a similar increase in XRP millionaires has been observed before a substantial price increase,h. The last such rally came after a favorable legal decision regarding XRP‘s status in the SEC lawsuit.
While direct causality between the influx of millionaire addresses and price surges is uncertain, there is an undeniable link between the activity of major stakeholders and the price trends of XRP. This relationship and repeated historical patterns point to the potential for dynamic shifts in the XRP market, warranting close observation by market watchers.
Ripple (XRP) Price Analysis
XRP experienced a noteworthy rally on February 6, lifting off from a base price of $0.50 and ascending toward $1 by mid-July 2023, indicating a potential onset of a bull market.
The price trajectory displayed a five-wave bullish pattern, with a high point of $0.75 reached on March 11, followed by a retraction to the 0.618 Fibonacci level—a key reversal zone during correction periods, suggesting the pullback could be part of a broader bullish reconfiguration.
However, the recent decline to $0.42 on April 13, nearly breached the crucial ascending support line. It also challenged this bullish outlook. The inability to sustain above $0.75 for an extended period—over 150 days—undermined the potential for an immediate uptrend.
But the price regained most of its value from the recent drop, climbing to 34% $0.57 on April 22. The daily chart Relative Strength Index suggested XRP was oversold, so significant buyer pressure snapped back the price above $0.50.
There is a strong chance XRP ended its long-lasting correction. As it approaches the symmetrical triangle’s apex, a breakout is near. Should it a breakout to the upside, XRP could entere a sustainable uptrend. This could lead the price to $1 and even further later in 2024.
Disclaimers
Please note that the contents of this article are not financial or investing advice. The information provided in this article is the author’s opinion only and should not be considered as offering trading or investing recommendations. We do not make any warranties about the completeness, reliability and accuracy of this information. The cryptocurrency market suffers from high volatility and occasional arbitrary movements. Any investor, trader, or regular crypto users should research multiple viewpoints and be familiar with all local regulations before committing to an investment.
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