XRP Addresses Holding 1M Coins Reach 12-Year High As Experts Predict Move Above $4

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The XRP Ledger (XRPL)is witnessing increased network activity, which is bullish for its native token’s price. On-chain data also shows that whales are actively accumulating XRP, with the addresses holding one million coins recently reaching a new high.  XRP Ledger Records Massive Growth In Past Week

In an X post, on-chain analytics platform Santiment revealed that the XRP Ledger is showing signs of growth, from both a usage and key stakeholder perspective. The platform revealed that there are now over 2,700 whale and shark walletsholding at least 1 million XRP for the first time in the token’s 12-year history.   Related Reading XRP Addresses Holding 1M Coins Reach 12-Year High As Experts Predict Move Above $4 1 hour ago

Additionally, Santiment stated that the number of active XRP addresseshas averaged over 295,000 daily over the past week. This is notable as the normal daily average over the past three months was between 35,000 and 40,000. It is worth mentioning that the XRPL recorded some major developments last week.  Source: Santiment on X

One is the launch of Circle’s USDC stablecoinon the XRP Ledger. This is expected to boost network activity given the increasing demand for stablecoins. Crypto analyst Moon Lambo predictedthat this would increase the total value locked (TVL) on the network. He also noted how this was bullish for the XRP price, since users will need the token for every USDC transaction. 

Furthermore, Ondo Finance launchedits tokenized US treasury fund (OUSG) on the XRP Ledger last week, which could have also contributed to the surge in network activity. The BlackRock-backed fund will be mintable and redeemable using the RLUSD stablecoin. Meanwhile, Guggenheim also recently partneredwith Ripple to launch the first Digital Commercial Paper on the XRPL.  Expert Predicts Price Rally Above $4

Amid the surge in network activity on the XRPL, crypto analyst Javon Marks has predictedthat the XRP price could rally above $4 and even reach as high as $8. He stated that the altcoin is holding a clear breakout and is getting ready for a major bullish continuation. Marks added that the targets are at $4.80 and $8, marking new all-time highs (ATHs) for XRP.  Related Reading These Factors Will Drive XRP Price To $25-$75 In June – Analyst 2 weeks ago

Crypto analyst Dark Defender recently alludedto a previous analysis in which he stated that the XRP price could make a decision within two weeks. The analyst is confident that the altcoin could rally to as high as $6 on this Wave 5 impulsive move to the upside. He has also previously predicted that XRP would reach double digitsin this market cycle. 

On the other hand, it is worth mentioning that the XRP price has again dropped below the $2.25 level. Crypto analyst CasiTrades had warnedthat the support levels at $2.01, $1.90, and $1.55 could be in play if the $2.25 level holds as resistance. 

At the time of writing, the XRP price is trading at around $2.16, down over 3% in the last 24 hours, according to datafrom CoinMarketCap. XRP trading at $2.16 on the 1D chart | Source: XRPUSDT on Tradingview.com Featured image from Adobe Stock, chart from Tradingview.com