XRP surges to a 7-week high of $2.39, with whale wallets amassing 3.44B tokens since June 2018, as analysts predict a double-digit price breakout.
The intensity of Ripple whale activity has resulted in a 7-week peak for XRP. The recent increase in utility and the gradual accumulation of favorable market fundamentals indicate the surge.
As the price surpasses $2.39, Ripple Whales increase their holdings
For the first time since late May, it has reached $2.39, its greatest value in seven weeks. According to Santiment’s on-chain data, 2,742 wallets contain more than one million XRP. This is marginally lower than the previous day’s record. Ripple investors collectively possess 47.32 billion XRP, suggesting they are optimistic about the token’s future.
It is worth noting that whale transfers have increased: a recent transfer of nearly 25.5 million XRP, valued at over $60 million, from an unknown wallet to Coinbase. 200 million XRP, equivalent to approximately $477 million, was transferred from Ripple to an unknown address, as indicated by data from Whale Alert. This transaction has sparked speculation regarding potential strategic changes.
XRP Approaches Historical Quarterly Conclude by aligning the fundamentals
The favorable outlook of the price is bolstered by the recent closure of its highest quarterly candle. Market and specific initiatives are among the significant factors contributing to this surge.
XRP is presently the most actively traded cryptocurrency on Upbit, the largest exchange in South Korea, as previously reported. This indicates a substantial level of interest from retail investors in Asia. This demand enables the token to acquire momentum and become more influential in the global crypto market.
Additionally, the ProShares XRP ETF has been integrated into the DTCC platform, a development that has historically indicated the proximity of approval for trading on U.S. exchanges. The ETF has the potential to become a groundbreaking product, attracting institutional capital to the token upon its launch.
Ripple fortified its relationships with institutions by selecting BNY Mellon, a significant bank, to safeguard the reserves of its stablecoin, RLUSD. The supply of RLUSD exceeded $500 million within seven months. Ripple also applied for a national banking license, indicating its intention to establish a connection between cryptocurrency and conventional finance.
During the same period, Ripple CEO Brad Garlinghouse provided testimony to the U.S. Senate Banking Committee, emphasizing the regulatory momentum of the coin following its momentous court victory last year.
