XRP Sees Sharp Rise in High-Value Wallets

XRP has seen a notable increase in high-value wallets, suggesting growing confidence among investors in the crypto asset.

The coin climbed to $0.66 on Wednesday, marking an 8% rise over the past 24 hours from $0.60, a level last observed in the third week of March.This latest price increase occurs alongside significant developments in the XRP ecosystem and renewed investor optimism, as the accumulation trend grows stronger.

XRP Accumulation Trend

Over the past five weeks, there has been a substantial increase in the number of wallets holding at least 10,000 XRP.

Recent data from Santiment shows that this figure has reached a six-month high of 279,400 addresses.This sharp rise in high-value wallets indicates a growing accumulation trend among investors, potentially signaling bullish sentiment towards the coin.

Interestingly, the correlation between large holdings and XRP’s market value has remained consistently strong throughout 2024. According to the on-chain crypto analytic platform, this trend suggests that as more high-profile investors accumulate XRP, the asset’s market value tends to rise.
Additionally, the SEC’s recent filing on Tuesday seems to have influenced sentiment among XRP holders. The filing hints at a revision of its complaint against Binance, which could impact tokens like SOL and MATIC. This revision might delay rulings on whether these tokens are unregistered securities.

Consequently, XRP traders are now speculating that the SEC might adopt a more lenient stance towards Ripple as its lawsuit nears resolution. Rumors of a potential settlement between the two parties circulated widely before their closed-door meeting on July 25, though no conclusive outcome was reached.

Scheduled Release of 1 Billion XRP

Another significant development in it’s ecosystem is Ripple’s scheduled release of 1 billion XRP tokens in August. This is part of Ripple’s ongoing strategy to maintain transparency in releasing its holdings, which began in 2017 when the company allocated 55 billion tokens into multiple escrow accounts.

The upcoming release will add approximately $641 million worth of XRP tokens based on current prices. Although increasing the token supply would typically reduce the price, some research suggests it might actually support the current bullish trend due to the added liquidity.

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