On April 22, the price of Ripple‘s (XRP) increased by 6%, performing better than all other top 10 altcoins in market value. The token’s value reached $0.56 at the time of writing. However, data shows the cryptocurrency’s price reverted to $0.54. According to data from Santiment, XRP wallets holding at least one million tokens are approaching an all-time high, a level last seen on June 18, 2023, which was previously reached in 2014.
Historical Data in Ripple’s Performance
In this case, data shows a 3.1% increase in the metric over the last six weeks. Such an assumption could mean that major investors are convinced a cryptocurrency’s price could perform well. If we consider 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. However, this occurred during a period when Ripple achieved a partial victory against the US SEC.
The SEC had asked the court to approve a massive $2 billion fine against the company. However, in its opposition statement, Ripple argued that the claim was incorrect. Instead, the blockchain payment company stated it was willing to pay no more than $10 million. Ripple’s Chief Legal Officer, Stuart Alderoty, commented on the matter via X. According to the expert, Ripple won on significant issues. Alderoty also noted that there was no fraud case that would warrant a $2 billion fine. The judge might favor the SEC, which could lower XRP’s price. However, if the decision favors Ripple, XRP could see a similar increase to what happened last July.
Developments in the XRP Case
Contrary to the more than one million wallets, XRP’s network growth has declined. Network growth tracks the number of new addresses interacting with a network. An increase in this metric could mean a rise in the token’s adoption. However, at the time of writing, the measure had dropped to 389, indicating that only a few new addresses were making their initial transactions. If network growth continues to decline, XRP’s price might avoid further increases and could then drop to $0.50. On the other hand, an increase in the metric could propel the token to a peak of $0.62.
