XRP News Today: XRP Surges 10% to $2.81 as Whale Wallets Hit Record High

XRP, the cryptocurrency associated with Ripple, has seen a significant surge in its price, increasing by 10% within a 24-hour period to reach $2.81. This price increase is accompanied by a record high in the number of whale wallets holding XRP, with 2,743 wallets identified. This indicates strong bullish momentum, as large investors are accumulating XRP, which could be a driving force behind the price increase.

The surge in whale activity suggests that large investors are accumulating XRP, which could be a driving force behind the price increase. The price of XRP has been on an upward trajectory, hitting a 7-week high of $2.39. This price movement is consistent with the overall bullish sentiment in the cryptocurrency market, where other altcoins have also seen gains. The recent price surge in XRP can be attributed to the accumulation of billions of XRP tokens by whale wallets over a few weeks. This accumulation has led to a breakout from a tight price pattern, with XRP moving above the $2.35 mark.

The price of XRP has also been influenced by the recent all-time high of Bitcoin, which reached $118,250. This has driven momentum across various altcoins, including XRP, which has surged above $2.65. The recent price surge in XRP has been consistent, with the cryptocurrency climbing 15.37% since the start of the month. This growth, although not hitting new record highs, has been steady and appears to be driven by the accumulation of XRP by whale wallets. The market value of XRP has also hit a 7-week high, crossing above $2.39 for the first time since May 23rd. This has been accompanied by a rising number of wallets and collective balances, indicating that more investors are accumulating XRP.

The price of XRP has also seen a swift recovery from $1.97 to $2.42 this week, surging more than 10% from the critical support line. This rally occurred after the price of XRP broke out of its tight price pattern, moving above the $2.35 mark. The recent price surge in XRP has been driven by the accumulation of XRP by whale wallets, which has led to a breakout from a tight price pattern. This has resulted in a price increase of 10% within a 24-hour period, with XRP reaching $2.81. The price of XRP has also been influenced by the recent all-time high of Bitcoin, which has driven momentum across various altcoins, including XRP. The recent price surge in XRP has been consistent, with the cryptocurrency climbing 15.37% since the start of the month. This growth, although not hitting new record highs, has been steady and appears to be driven by the accumulation of XRP by whale wallets.

As the whales grow in number, short traders are feeling the pain. The latest surge has liquidated more than $31.44 million in short positions within a single day, adding fuel to the rally as bears scramble to cover their bets. Just last month, XRP spent nearly 200 days consolidating between $1.90 and $2.90, leaving traders split on its next move. Now, the breakout is clear, and whales are backing it. “Not only are there more XRP whales than ever, but the total supply they hold is also increasing. This dual trend is a very positive sign,” Santiment said in its update.

XRP’s strength is part of a wider altcoin breakout. Metrics confirm that the altcoin season is here. If Bitcoin can hold above its crucial support, traders may keep rotating profits into other major coins. This trend was clear last week as Bitcoin hit new all-time highs, while Ethereum surged over 17%, climbing close to $3,000. For now, XRP appears well-positioned to ride this momentum. If whales continue to accumulate at record levels, the price could challenge its multi-year highs if broader market sentiment remains bullish.