New on-chain data indicates that XRP’s ledger is experiencing significant growth, with large holders increasingly accumulating the asset.
For the first time in XRP’s 12-year history, 2,708 unique wallets now hold 1 million or more XRP, which is valued at roughly $525,000 or more at current market prices, according to data from Santiment shared on June 16.
This bullish trend is also evident in network activity. XRP’s daily active addresses have soared, averaging over 295,000 per day over the past week. This marks a staggering jump from the typical 35,000 to 40,000 daily average observed over the past three months, an eight-fold surge in user interaction.
Impact on XRP’s price
Historically, such a convergence of whale accumulation and rising address activity has often preceded significant price movements. The current uptick comes at a potentially pivotal moment for the XRP ecosystem.
Notably, the SEC is expected to rule on June 17 regarding Franklin Templeton’s proposed Franklin XRP Fund, which would allow investors to gain exposure to XRP through a spot exchange-traded fund (ETF).
Meanwhile, the SEC is also reviewing the WisdomTree XRP Trust, filed by Cboe BZX Exchange, aiming to provide similar access via traditional brokerage platforms.
Adding to the momentum, anticipation is growing around the possible resolution of the long-running Ripple v. SEC legal battle. The case appears to be entering its final stages, with both parties pushing for a settlement.
According to the latest joint motion, Ripple would pay the SEC a $50 million civil penalty and receive a $75 million refund.
Both sides argue that the revised terms reflect exceptional circumstances, such as shifting regulatory perspectives and a shared interest in ending the costly litigation.
XRP price analysis
While XRP has yet to break through its key resistance at $2.50, the underlying fundamentals continue to strengthen. As of press time, XRP was trading at $2.32, up 6.8% over the past 24 hours and 1.1% on the week.
From a technical standpoint, XRP’s 50-day Simple Moving Average (SMA) sits at $2.30, aligning closely with its current price, signaling a stable short-term trend. The 200-day SMA, at $1.87, remains well below the current level, suggesting a strong long-term upward trajectory.
Meanwhile, the 14-day Relative Strength Index (RSI) stands at 46.65, indicating a neutral market. This suggests room for movement in either direction, depending on broader market trends and the emergence of any new XRP-related catalysts.
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