On April 22nd, Ripple’s XRP experienced a 6% price increase, outperforming other top 10 altcoins in terms of market value. At the time of writing, the token was valued at $0.56, although it later fell back to $0.54. Santiment’s data reveals that XRP wallets with at least one million tokens are nearing an all-time high, a level last seen on June 18, 2023, which was previously reached in 2014.
Historical Data in Ripple’s Performance
The data shows a 3.1% increase in this metric over the past six weeks, indicating that major investors believe in the potential of XRP’s price. Looking at the data from June, the wallets reached their highest level when XRP’s price was $0.47. A month later, the price rose to $0.84. This coincided with Ripple’s partial victory against the US Securities and Exchange Commission (SEC).
The SEC had sought court approval for a massive $2 billion fine against Ripple. However, Ripple countered the claim, arguing that it was incorrect. The blockchain payment company stated that it was only willing to pay a maximum of $10 million. Stuart Alderoty, Ripple’s Chief Legal Officer, commented on the matter, stating that Ripple had won on significant issues and that there was no fraud case that warranted a $2 billion fine. The judge’s decision could impact XRP’s price, potentially leading to a decrease if the SEC is favored or a similar increase to what happened last July if Ripple prevails.
Developments in the XRP Case
Despite the increase in wallets with over one million tokens, XRP’s network growth has declined. Network growth measures the number of new addresses interacting with the network. An increase in this metric indicates greater adoption of the token. However, at the time of writing, the measure had dropped to 389, suggesting that only a few new addresses were making their initial transactions. If the decline in network growth continues, XRP’s price may avoid further increases and potentially drop to $0.50. Conversely, an increase in the metric could propel the token to a peak of $0.62.
Disclaimer:
The information provided in this article should not be considered as investment advice. Investors should be aware of the high volatility and risks associated with cryptocurrencies and conduct their own research.
