XRP News Today: XRP Surges 100% to Seven-Week High as Whale Activity Intensifies

XRP, the cryptocurrency associated with Ripple, has recently surged to a seven-week high, reaching $2.39. This significant price movement is attributed to a notable increase in whale activity, with 2,743 wallets now holding at least one million XRP each. This surge in large holdings indicates a strong long-term conviction among major investors, suggesting that these whales are positioning themselves for potential future gains.

According to Santiment data, accumulation by whales intensified through mid-2024 as XRP hovered between $0.40 and $0.60. These price zones provided entry points for large players to build long-term positions. Wallets holding at least 1 million XRP consistently grew, reflecting smart money entering the market before the recent price breakout. This trend unfolded over several months, with price action showing repeated tests of support without breaking lower. During that time, whales accumulated aggressively, positioning themselves for a bullish reversal. This suggests that market participants with higher capital had a longer-term strategy in play.

The current count of 2,743 whale wallets is the highest in XRP’s history. These addresses now collectively hold 47.32 billion XRP tokens, reflecting over 40% of the circulating supply. This level of concentration reveals strong conviction among key stakeholders. Furthermore, trading volume patterns confirm institutional participation. High-volume transactions supported both the accumulation and breakout phases. Hence, the recent surge in XRP price appears driven by sustained, well-capitalized buying pressure rather than retail hype.

Consequently, the alignment between whale wallet growth and price performance is not a coincidence. It suggests a robust foundation for future moves. If current buying interest holds, XRP could see continued upside. Besides, the whale concentration points to fewer tokens in circulation, potentially tightening supply. The recent price rally is also supported by strong on-chain signals and growing institutional interest. Two major transfers of XRP have been observed: a transfer of 25.5 million XRP to Coinbase and another transfer of 200 million XRP to an unknown wallet. These transfers are indicative of strategic realignment, possibly in anticipation of regulatory developments or new product announcements from Ripple. The accumulation of XRP by these whales is seen as more than just speculative behavior; it reflects the rising utility of XRP, particularly as Ripple continues to bridge traditional finance with crypto infrastructure.

Ripple's ongoing efforts to navigate regulatory challenges and secure institutional partnerships are further bolstering XRP's fundamentals. The recent listing of the ProShares XRP ETF on the DTCC hints at a possible U.S. launch, while Ripple's RLUSD stablecoin has surpassed $500 million in supply within just seven months. Additionally, Ripple has applied for a national banking license in the U.S. and has seen its CEO, Brad Garlinghouse, testify before the U.S. Senate. These developments suggest that Ripple is committed to achieving regulatory clarity and aligning with institutional interests, which is likely to drive further investor interest in XRP.

From a technical perspective, XRP is currently trading within a well-defined ascending channel, with key resistance levels at $2.4668 and potential targets at $2.5306 and $2.5908. The Relative Strength Index (RSI) is at 68, indicating strong buying interest without extreme overbought conditions. However, traders should remain vigilant for potential reversal patterns, with key support levels at $2.3910 and $2.3356. The recent price action suggests a bullish continuation, but caution is advised as the market approaches resistance levels.

In summary, the recent surge in XRP's price to a seven-week high is driven by increased whale activity and growing institutional interest. Ripple's regulatory efforts and strategic partnerships are enhancing XRP's fundamentals, making it an attractive investment for both retail and institutional investors. While the technical indicators suggest a bullish trend, traders should monitor the market closely for any signs of reversal.