According to data from the cryptocurrency data analytics platform Santiment, the number of addresses holding at least one million XRP has reached a new all-time high. This surge often precedes significant price gains for the coin.

According to Santiment’s data, XRP has recently experienced a strong upsurge, pushing it to seek a high of $0.57. But what stands out most is that the so-called “millionaire addresses” of XRP have continued to hit new record highs of over 2,013. This is one address less than the previous record of 2,014 recorded in June 2023, following a major victory by Ripple against the SEC in its legal battle to prove that XRP is not a security.

Is a new bullish rally approaching for XRP?

Historically, when similar peaks occur in the number of millionaire XRP holders, Ripple’s native coin has seen significant price increases. Last June, after reaching its all-time high of millionaire addresses, the price of XRP almost doubled in a month, rising from $0.45 to nearly $1. However, it has not managed to retest those highs since then.

The renewed enthusiasm of large investors for XRP may be due to the recent announcements made by Stuart Alderoty, Ripple’s Chief Legal Officer, who publicly voiced objections to the SEC’s request to impose fines of $2 billion on Ripple for historic institutional sales of its cryptocurrency XRP.

Alderoty argues that regulators’ request for millions in sanctions is disproportionate since the case did not involve allegations or findings of reckless or fraudulent conduct by Ripple. Furthermore, the company achieved several significant victories in some of the key litigation issues.

Therefore, Alderoty believes that the SEC’s request for an exorbitant fine is another example of its intimidation campaign against the cryptocurrency sector in the United States. Meanwhile, the lawyer noted that Ripple maintains confidence that the judge overseeing the case will address this final phase of sanctions and remedies fairly and impartially without being swayed by the SEC’s excessive demands.

Although an exact date for the conclusion of the SEC’s case against Ripple is not yet known, crypto investors continue to closely monitor the outcome of this case, as its conclusion will likely trigger a series of significant events around XRP and the crypto industry in general.

Thus, while the increase in millionaire addresses is often interpreted as a significant bullish signal indicating that large investors and whales are accumulating XRP in anticipation of an imminent rally, everyone is eagerly awaiting the outcome of the case against Ripple for a clearer vision of where the cryptocurrency is heading.

At the time of writing, XRP is trading at $0.524 after rising by 1.6% in the last 24 hours. Could this be the start of the bullish rally Ripple CEO Brad Garlinghouse predicted as XRP sets its course to $3?