XRP News Today: XRP Surges 8% Weekly as Institutional Buying Hits $880M

XRP holders have experienced a surge in optimism following a significant price increase over the past week. The crypto market has shown positive momentum due to growing institutional investments and macroeconomic interests. Retail investors have also contributed to this trend, with Bitcoin (BTC) reaching a three-month high and sparking an altcoin rally. XRP holders are now targeting a $5 monthly peak, despite the asset's previous high of $3.4 in January.

On-chain data reveals substantial XRP purchases by large holders this week, with retail wallets also maintaining similar buying pressure. This rise in institutional accumulation marks the third consecutive week of inflows, starting in April and expected to continue into possible monthly peaks. In the last 30 days, XRP whales have accumulated over $880 million worth of assets, driving the price surge. Following the last dip, holders have consistently bought the asset due to increasing on-chain dynamics and global partnerships. On May 8, Wellgistics, a pharmaceutical firm based in Florida, announced the use of XRP for real-time payments in a $50 million deal, citing the need to reduce delays associated with centralized banking.

Holders are also anticipating the approval of a spot ETF product in the United States, which could drive the altcoin to new all-time highs. Recently, users on Polymarket have placed odds at 85% in favor of this development, similar to analysts' forecasts as favorable conditions swirl in U.S. markets. Another factor behind recent institutional accumulation is the Securities and Exchange Commission’s (SEC) settlement filing. This move reaffirmed positive sentiment for the asset and spurred its price to a 10% rally. Centralized exchanges also saw outflows simultaneously, with traders eager for the next wave of accumulation.

Most bulls are targeting a $5 mark for XRP this month, banking on recent institutional inflows. A move to that level remains possible if the current institutional accumulation continues. Last week, XRP institutional products saw $10.5 million inflows ahead of significant macroeconomic data. The United States and United Kingdom trade deal and talks about easing tensions with China could usher in a favorable period for crypto assets. XRP holders are poised for a higher run in the coming weeks, and a price surge to $5 could set the tone for a bull run. At the time of reporting, the XRP price stands at $2.39, reflecting a 7% spike in the last 24 hours and an 8% rally this week. With trading volume above 41%, the asset’s market cap has surged to $138.91 billion.