XRP News Today: XRP Surges 29% as Whales Accumulate $6.6 Billion in Two Weeks

On July 17, Chris Larsen, a prominent figure in the cryptocurrency world and co-founder of Ripple, transferred 7.6 million XRP, valued at $30 million, to the exchange Coinbase. This transfer occurred just one day before XRP reached a new all-time high of $3.65, sparking intense speculation within the crypto community. The magnitude of this transfer from one of XRP's largest holders inevitably created market ripples, leading to various speculations about Larsen's intentions. Some wondered if he was selling, reallocating, or simply managing liquidity. Despite the lack of disclosure from Larsen, his move exemplifies how XRP's biggest stakeholders influence both price momentum and market psychology. This episode, paired with regulatory clarity and institutional adoption, signals XRP's evolution from a speculative asset to a legitimized fintech asset.

The launch of the ProShares Ultra XRP ETF, under the ticker UXRP, offers 2× daily leveraged exposure to the XRP futures index, marking a significant moment for XRP-centered investing. Within days of its launch, UXRP saw a surge in trading volume, reflecting its immediate resonance with both institutional and retail investors. The SEC and NYSE Arca's approval of UXRP, a leveraged XRP futures exchange-traded fund (ETF), is a major regulatory milestone. This approval comes on the heels of XRP's legal stabilization following Ripple’s favorable 2024 court ruling, indicating that XRP has transitioned from a fringe asset to a mainstream financial instrument. UXRP brings futures-based XRP exposure into traditional brokerage accounts, bypassing the complexities of wallets, custody, and crypto exchanges. Institutional players, such as hedge funds, asset managers, and proprietary desks, can now tactically leverage XRP positions without grappling with on-chain custody. UXRP delivers amplified daily returns, whether calls or puts through futures derivatives and daily rebalancing. For traders and tactical investors, this doubles the reward lever compared to spot XRP, while offering a regulated alternative to risky exchange-held leverage. Market analysts are eyeing initial flows of more than $500 million with early estimates suggesting that inflows on this scale could push XRP prices toward the psychological price of $4. Meanwhile, XRP recently eclipsed Tether to sit among the top three cryptos by market cap, fueled by ETF momentum. ProShares XRP Futures ETF represents a highly anticipated convergence of regulatory recognition, institutional ease-of-access, technical momentum, and leverage-based strategy. Therefore, UXRP isn’t just another ETF, it marks XRP’s official entry into mainstream finance, offering both leverage and legitimacy.

Ripple's XRP has been making significant strides, capturing the attention of traders and analysts alike. The cryptocurrency recently reached a new all-time high, surpassing $3.65, and its market capitalization has soared past $200 billion. This surge has been fueled by a combination of factors, including substantial whale activity and the anticipation of an upcoming ETF launch. Whale activity has been particularly noteworthy. In the past two weeks, whales have accumulated 2.2 billion XRP, valued at over $6.6 billion at current prices. This massive buying spree has driven the price of XRP to new heights, with the cryptocurrency reaching $3.16 at one point, marking an 8% rise over the last 24 hours and a 29% gain over the past week. Several large transactions have been tracked, including a transfer of 25.5 million XRP worth approximately $73.6 million to Coinbase. Additionally, a 33 million XRP transfer from Upbit to an unknown wallet and another 40 million coins moved between unidentified addresses have been recorded. The growing interest in XRP is also reflected in the open interest of its perpetual futures, which has reached $9.25 billion, indicating a 15% increase in the last 24 hours. This surge in open interest suggests that more investors are taking leveraged positions in XRP, further boosting its price. Another significant catalyst for XRP's price movement is the potential launch of an XRP ETF. The SEC has approved the ProShares Ultra XRP ETF, a futures-based product that aims to provide investors with double the daily performance of XRP. This ETF is set to launch around October 18, and its approval has sparked excitement among investors, who see it as a positive development for the cryptocurrency. Analysts are closely watching XRP's price movements, with many predicting further gains. Galaxy noted that XRP is approaching a key price level and is close to entering "price discovery," a term used to describe a period when an asset trades above all past price levels. The last time XRP did this was in 2017. Technical charts suggest that XRP is testing its previous all-time high range between $3.30 and $3.35. If it closes above this range on a monthly timeframe, analysts believe further gains could follow. The surge in XRP's price has also been driven by strong performance against Bitcoin and increasing whale activity. The cryptocurrency has surged 71.75% in July, and its market capitalization is close to hitting $200 billion. This performance has been attributed to the growing adoption of XRP, with a record 7.18 million XRP wallets signaling massive adoption. In summary, XRP's recent price surge can be attributed to a combination of factors, including substantial whale activity, the potential launch of an XRP ETF, and growing investor interest. Analysts are optimistic about XRP's future, with many predicting further gains as the cryptocurrency approaches new all-time highs. The approval of the ProShares Ultra XRP ETF and the growing adoption of XRP are expected to drive its price even higher in the coming months.