XRP News Today: XRP Hits 7-Week High at $2.39 Amid Whale Accumulation and Institutional Interest

Ripple’s XRP has reached a 7-week high, hitting $2.39. This surge is accompanied by significant activity from large holders, or "whales," who are accumulating substantial amounts of XRP. Currently, there are 2,742 wallets, each holding over 1 million XRP, collectively controlling 47.32 billion coins. This accumulation suggests a strong belief in XRP's future potential.

Adding to the intrigue, a transfer of 200 million XRP, valued at approximately $477 million, was made from Ripple to an unknown wallet. This move has sparked speculation about Ripple's strategic intentions and has further fueled bullish sentiments surrounding XRP. The transfer, along with other whale activities, indicates a growing interest and investment in the cryptocurrency.

The bullish outlook for XRP is bolstered by several factors. The cryptocurrency has just closed its highest quarterly candle ever, reflecting a positive market sentiment. Additionally, XRP is currently the top cryptocurrency being traded on Upbit, South Korea’s largest exchange, indicating strong retail interest from Asia. This demand is contributing to XRP's momentum and influence in the global crypto market.

Furthermore, the ProShares XRP ETF has been added to the DTCC platform, a move that historically signals imminent approval for trading on U.S. exchanges. If launched, the XRP ETF could attract significant institutional capital, further boosting XRP's value. Ripple has also strengthened its institutional connections by partnering with BNY Mellon to protect the reserves for its stablecoin, RLUSD. Within seven months, the supply of RLUSD reached over $500 million, demonstrating Ripple's commitment to integrating cryptocurrency with traditional finance.

Ripple's CEO, Brad Garlinghouse, recently delivered testimony to the U.S. Senate Banking Committee, emphasizing XRP’s regulatory momentum following its historic court victory last year. This regulatory progress adds to the overall positive outlook for XRP, as it navigates the complex landscape of cryptocurrency regulations.

The technical analysis of XRP also supports its bullish trend. The cryptocurrency has increased by more than 10% this month, moving clearly above its 26-day and 50-day moving averages. A "god candle" pattern has been noted on the chart, suggesting a possible breakout. The Relative Strength Index (RSI) is in the mid-60s, indicating strength without entering overbought territory. Key resistance lies between $2.40 and $2.50; a break above this zone could open the path toward the $3 mark.