2024-04-23 15:06:52
- Wallets with 1 million XRP reach almost all times, causing the price to rise.
- The outcome of the filing of legal remedies related to the solutions may determine whether XRP will recover as it did last July.
On 22 April, the price was Then [XRP] jumped 6%, surpassing all other altcoins in the top 10 by market cap. The value of the token on that date reached $0.56.
But data at press time showed it had reversed to $0.54. However, AMBCrypto found that the sooner Meeting
It was not without reason.
According to our analysis, thanks to data provided by Santiment, XRP wallets contain at least one million tokens. I have closeand its all-time high.
The last time the metric reached such numbers was June 18, 2023, when it was 2014. On Monday, the same metric reached 2013, indicating that the amount had increased by 3.1% over the past six weeks.
“Ripple will not pay that amount”
When this happens, it means that large investors are convinced that the price of a cryptocurrency can give good results. Going back to June, the price of XRP when wallets reached the maximum amount was $0.47.
A month later, the price jumped to $0.84. However, it is important to note that this happened at a time when Ripple won a partial victory over the US SEC.
Strangely, it seemed as if the manual was being rewound, as there had been an update on the issue. The SEC had asked the court to approve a $2 billion fine against the company.
But Ripple, in its statement opposing legal remedies, argument that the request was scandalous. Instead, the blockchain payments company said it was not willing to pay more than $10 million.
Ripple Chief Legal Officer Stuart Alderoty commented on the matter on X (formerly Twitter). According to him, Ripple won in important cases.
Alderoty also noted that he had no case of fraud that would justify a $2 billion fine.
Will XRP reach $0.84 again?
If the judge favors the SEC at the end of the legal proceedings, the price of XRP could fall.
But if the verdict falls on Ripple’s side, XRP could produce another surge. the like until it experienced last July.
In contrast to 1M+ wallets, XRP network growth declined. Network growth tracks the number of new addresses interacting with a network.
An increase in the metric means an increase in token adoption. However, as of this writing, the metric had dropped to 389, indicates that only a few new addresses made their first transactions.
If network growth continues to slow down, the XRP price may avoid further upside and a reduce to $0.50 could be next. On the other hand, an increase in the metric could put the token in pole position to reach $0.62.
Is your wallet green? Investigate XRP Profit Calculator
Meanwhile, one-day circulation fell to 260.01 million, indicating lower usage of the token in transactions.
For the price, the decrease in circulation could be a good thing, considering that the selling pressure may not stop the bullish momentum.
This is an automatic translation of our English version.
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