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XRP’s price at $0.56 – Here’s the altcoin’s roadmap to $0.84

3min Read

XRP may be affected by the correlation between major wallets, its past performance, and the SEC case.

XRP rallies to $0.56: THIS is key for the altcoin to reach $0.84 again

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  • Wallets holding 1 million XRP almost hit the all-time count, leading the price higher.
  • The outcome of the remedies-related filing might determine if XRP would rally as it did last July 

On the 22nd of April, the price of Ripple [XRP] jumped by 6%, outperforming every other altcoin in the top 10 per market cap. The value of the token, as of the said date, hit $0.56.

But press time data showed that it had reversed to $0.54. However, AMBCrypto found that the earlier rally was not without cause.

According to our analysis, thanks to data provided by Santiment, XRP wallets holding at least one million tokens got close to their all-time high.

The last time the metric hit such numbers was on the 18th of June 2023, when it was 2014. On Monday, the same metric hit 2013, indicating that the amount had increased by 3.1% in the last six weeks.

Rising number of XRP wallets holding one million tokens

Source: Santiment

‘Ripple won’t pay that amount’

When this like happens, it means that large investors are convinced that the price of a cryptocurrency might perform well. Taking it back to June, XRP’s price when the wallets hit the high amount was $0.47.

A month later, the price jumped to $0.84. However, it is important to note that this happened at a time when Ripple got a partial win over the U.S. SEC.

Interestingly, it seemed that the playbook was rewinding itself, as there had been an update to the case. The SEC had asked the court to approve a whopping $2 billion fine against the company.

But Ripple, in its remedies’ opposition statement, argued that the request was outrageous. Instead, the blockchain-payment firm, said it was not willing to pay more than $10 million

Ripple’s Chief Legal Officer Stuart Alderoty commented on the matter on X (formerly Twitter). According to him, Ripple won on significant issues.

Alderoty also noted that it had no case of fraud to warrant a $2 billion fine.

Comments on the $2 billion fine SEC wants from Ripple and XRP

Source: X

Will XRP hit $0.84 again?

Should the judge favor the SEC at the end of the remedies, XRP’s price might plunge.

However, if the judgment falls on Ripple’s side, then XRP might produce another hike similar to the one experienced last July.

Unlike the 1M+ wallets, XRP’s network growth fell. Network growth tracks the number of new addresses interacting with a network.

An increase in the metric means a surge in adoption of the token. But as of this writing, the metric was down to 389, indicating that only a few new addresses were making their first transactions.

If network growth continues to fall, then XRP’s price might evade a further increase, and a decline to $0.50 could be next. On the other hand, a rise in the metric could place the token in pole position to hit $0.62.

Data showing XRP's drop in circulation and new addresses

Source: Santiment


Is your portfolio green? Check the XRP Profit Calculator


Meanwhile, the one-day circulation dropped to 260.01 million, indicating less usage of the token in transactions.

For the price, the decline in circulation could be a good thing, considering that selling pressure might not halt the upward momentum.

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Victor Olanrewaju is a full-time journalist at AMBCrypto. Settled in Lagos, his fascination with blockchain technology and the cryptocurrency market arose out of his love of freedom and everything free. As a Nigerian, Victor understands the impact unfounded financial restrictions have on a population. He sees Bitcoin and cryptos as a way to circumvent these obstacles, as a tool for value creation despite all the setbacks. A graduate in Physics, Victor previously worked as a Senior Marketer at Melange Technologies. Before that, he dealt with crypto-marketers on a regular basis in his capacity as Copywriter at Ventrix Media. At AMBCrypto, Victor’s focus is on assessing the real effectiveness of both on-chain and off-chain developments on a project and its community sentiment.
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