XRP News Today: XRP Surges 8.43% in 24 Hours as Whales Accumulate $6.6 Billion

XRP has recently garnered significant attention in the cryptocurrency market due to a substantial surge in its price and trading activity. The token reached $3.24 in the last 24 hours, marking an 8.43 percent increase and a 32.34 percent rise over the past week. This surge has attracted a large number of investors, leading to a notable increase in market activity.

Amidst this bullish momentum, large investors, commonly referred to as whales, have been actively moving substantial amounts of XRP between wallets. This aggressive accumulation has contributed to the sharp price increase. According to a prominent analyst in the crypto community, whales have purchased 2.2 billion XRP in just two weeks. At current prices, the total value of these purchases exceeds $6.6 billion.

Recent large XRP transfers have sparked reactions across the crypto space. One notable transfer involved 25,498,179 XRP, worth over $70 million, sent from an unknown wallet to the exchange Coinbase. This move occurred within minutes while XRP was trading at $2.92, following five consecutive days of positive price movement. Another transaction of 33 million XRP, worth more than $90 million, was made through the South Korean crypto exchange Upbit. Additionally, another 40 million XRP moved between anonymous addresses, indicating heightened activity among large holders.

These transactions have drawn wide speculation from the crypto community. Observers are considering whether these moves are part of portfolio re-strategizing or possible profit-taking. The heightened activity among large holders suggests a potential shift in market dynamics, which could further influence XRP's price trajectory.

In addition to the whale movements, regulatory developments have also bolstered confidence in XRP. The U.S. Securities and Exchange Commission has approved the ProShares Ultra XRP, with the ticker UXPR. This product provides twice the daily performance of XRP in the form of futures, which is expected to increase institutional visibility and attract more professional traders to the market. The approval of the ETF is a significant milestone for XRP, as it expands its reach among institutional investors and enhances its credibility in the financial market.

XRP perpetual open interest has also reached a high of $9.25 billion, signaling a 15 percent jump in 24 hours. This indicates more leveraged activity and growing interest in the digital asset. The combination of whale accumulation, rising trading activity, and regulatory developments has brought XRP closer to a potential all-time high breakout. Market participants remain alert as momentum continues to build around the digital asset, with many speculating on the potential for further price increases and market activity.