XRP News Today: XRP Surges 10% in 24 Hours as Whale Wallets Hit Record High

XRP, the cryptocurrency associated with Ripple, has seen a notable surge in value, rising 10% in the past 24 hours to reach $2.91. This increase is part of a broader rally that has seen XRP gain 26% over the past week. The surge in XRP's price coincides with a record high in the number of whale wallets holding the cryptocurrency, with 2,743 wallets now holding at least 1 million XRP tokens. This development indicates strong bullish momentum in the market for XRP.

According to on-chain analytics firm Santiment, the number of XRP whales is not only growing but so is their possession. Whale wallets currently possess a humongous 47.32 billion XRP tokens, an indication of increasing confidence in the fourth-largest cryptocurrency by market cap. Santiment described this trend as a strong bullish signal, noting that "XRP is showing signs of strength. This dual trend of rising whale numbers and holdings is a very positive sign."

Just a month ago, XRP had been stuck in a long 200-day consolidation phase, fluctuating between $1.90 and $2.90. But the breakout came as part of a larger crypto market rally. Bitcoin recently soared to new all-time highs, reaching $116,500, while Ethereum jumped over 17% this week to nearly $2,960. The bearish traders also incurred huge losses as a result of the market momentum. CoinGlass data shows that $31.44 million worth of XRP short positions were liquidated during the recent price surge.

Santiment added that this is clear evidence that altcoin season has begun. As long as Bitcoin holds above the key $110K level, many traders are expected to rotate profits into altcoins like XRP. With growing whale interest and rising prices, XRP is firmly back in the spotlight. The recent rally in XRP has been notable, with the cryptocurrency jumping above $2.65 and showing signs of strength. At the time of reporting, XRP was trading around $2.69, marking an increase of over 10%. This surge has positioned XRP as one of the top gainers in the current market run. The price increase has been attributed to a more organic pump, driven by actual market demand rather than external factors. This is in contrast to Bitcoin, which has seen its price soar past new all-time highs, climbing above $118,000 during an ongoing market rally.

The connection between USDT mints and Bitcoin rallies has been a topic of discussion among market analysts. Historically, large USDT mints have often coincided with significant price jumps in Bitcoin. However, the recent surge in XRP seems to be more organic, with growing demand contributing to its price uptrend. This is evident in the massive increase in trading activity on Upbit, South Korea’s largest exchange, which has led to a surge in volume and netflows. Despite this, the price of XRP did not immediately reflect these metrics, suggesting that the demand for XRP is more sustained and less driven by external factors.

In the last seven days, Bitcoin has gained 8%, while XRP has jumped by a stronger 13.62% within the same time frame. Since the start of the month, XRP has climbed 15.37%, while Bitcoin rose 10%. Although XRP hasn’t hit new record highs, its recent growth appears consistent and less driven by external factors. This organic growth is further supported by the increasing number of whale wallets holding XRP, which indicates strong institutional interest in the cryptocurrency.

The recent surge in XRP has also been accompanied by a broader market rally, with other top crypto assets joining the run. Ethereum has rallied 8.24% over the past day, while Solana and Dogecoin have increased by 4.5% and 10.5%, respectively. BNB has lagged with a mild 2.84% increase within the same timeframe. However, Cardano takes the lead, up 15% during this period. The meme coin segment has also grown by 10%, highlighting a rising appetite for high-risk, high-reward assets.

The recent price surge in XRP has been driven by a combination of factors, including strong bullish momentum, a record high in the number of whale wallets, and growing demand from institutional investors. The organic nature of XRP's rally, driven by actual market demand, sets it apart from other cryptocurrencies that may be influenced by external factors. As the market continues to evolve, XRP's consistent growth and strong institutional interest position it as a promising investment opportunity.