XRP millionaire wallets are ramping up in 'encouraging sign': Santiment
According to data from analytics firm Santiment, the number of XRP wallets holding more than 1 million tokens continues to grow. This is seen as a positive signal, despite the overall weakening of market sentiment in the cryptocurrency sector.
Currently, the XRP network has 1,238 addresses with a balance of more than 1 million coins. In comparison, there were less than 1,200 such addresses at the beginning of 2022. Santiment experts note that this trend is persisting, even though the popular fear and greed index in the cryptocurrency sector is showing a 'fear' state.
The sustained interest of large holders in XRP may indicate their confidence in the long-term prospects of this cryptocurrency, despite the current volatility and uncertainty in the market.
It is worth noting that the legal battle between Ripple and the U.S. Securities and Exchange Commission (SEC) is still ongoing and has a significant impact on the dynamics of the XRP price. Investors are closely following the developments, expecting that the outcome of the case may become a key factor for the further movement of the cryptocurrency.
Expert opinion: The growth in the number of large XRP holders is a positive signal for this cryptocurrency, as it demonstrates the preservation of interest and trust from the most influential investors. Despite the overall market uncertainty, this trend indicates that some players are still betting on the long-term prospects of XRP. At the same time, the outcome of the legal dispute with the SEC continues to be a key factor that can have a significant impact on the further price dynamics.