XRP Wallets Holding At Least 1 Million Coins Nears All-Time High As Sentiment Improves
April 23 2024 - 1:00PM
NEWSBTC
With the crypto market on the rise once again, XRP has seen
positive headwinds and this has triggered an improvement in
sentiment among investors. This positive recovery has seen more
crypto investors move to acquire the altcoin, pushing a very
important holder cohort toward new all-time high levels. Wallets
Holding More Than 1 Million XRP Nears ATH Over the last year, there
has been a lot of selling among XRP investors as the price
continued to struggle. This poor performance continued despite
Ripple securing multiple partial victories against the United
States Securities and Exchange Commission (SEC), prompting
investors to jump ship. Related Reading: Shiba Inu Whales Move Over
3.19 Trillion SHIB, Where Are They Headed? One XRP holder cohort
that witnessed a lot of selling is the addresses holding at least 1
million XRP tokens. At current prices, it would mean that these
wallets are holding at least $500,000 on the lower end of the
cohort, making this the cohort that includes the dolphins and
whales. The number of addresses holding at least 1 million tokens
had hit its all-time high back in June 2023. But with the price
falling, these large holders began to sell, and at one point, the
number of wallets sat around 50 wallets below its all-time high of
2,014. However, with the crypto market moving toward another bull
market, expectations are that the price of XRP will follow the rest
of the market, prompting large investors to return. Data from
Santiment, an on-chain data aggregation platform, shows that over
the course of 2024, the number of wallets holding 1 million tokens
or more rose steadily and by April, this figure is now sitting at
2,013, one wallet away from reaching its previous all-time high,
and two wallets away from setting a new record. Why Are Large
Investors Returning? One reason why large investors are returning
to XRP could be that the indicators are finally turning bullish for
the altcoin. There was also an opportunity for these investors to
buy the tokens for cheap when the market crashed and altcoins like
XRP suffered almost 40% losses. Related Reading: 3 Major Metrics To
Watch Out For That Can Impact Ethereum Prices Popular crypto
analyst TonyTheBull took to X (formerly Twitter) to reveal the
significance of this price crash. According to the analyst, it was
the final capitulation shakeout for the altcoin. Comparing it to a
similar shakeout in 2017 shows that after this, XRP could go on a
massive rally. No, this was the final capitulation shakeout in $XRP
https://t.co/Z0uQ2GhS7v pic.twitter.com/qfWC6H8DNv — Tony “The
Bull” Severino, CMT (@tonythebullBTC) April 23, 2024 The large
investors could be expecting this rally as well, hence, why they
have been buying up large amounts of coins. If the 2017 rally is
anything to go by, then the XRP price could quickly barrel through
$1, printing significant returns for investors. Price trends toward
$0.6 | Source: XRPUSDT on Tradingview.com Featured image from
U.Today, chart from Tradingview.com
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