XRP News Today: XRP Surges 80% Driven by Whale Transactions and ETF Anticipation

XRP, the cryptocurrency associated with Ripple, has seen a remarkable surge in value, climbing nearly 80% from its April lows and reaching almost $3, a level not seen in several months. This rally has been driven by a combination of factors, including large transactions by whales and increased trading activity in XRP-linked exchange-traded products.

The price increase has been accompanied by substantial on-chain activity, with several large XRP movements observed over the past 24 hours. Notably, a transfer of 33 million XRP, valued at approximately $90 million, was moved from Upbit to an unknown wallet. Additionally, another 40 million XRP, worth over $100 million, was transferred between unidentified addresses. These movements have fueled speculation about the asset's next move, as such large transactions often precede or follow significant price action.

The surge in XRP's price has also coincided with a Bitcoin (BTC) breakout to a new record of $118,800, which has helped to push up wider crypto prices. This renewed momentum has drawn fresh interest from both retail and institutional traders, who are closely watching the charts for potential breakouts. A crypto educator suggested that it would not be surprising if market participants woke up to see XRP trading above $4. This optimism is fueled by the current momentum, which has revived market expectations for a breakout after XRP has remained below its all-time high for over seven years.

Trading activity in XRP-linked exchange-traded products has also picked up significantly. The 2x leveraged XRP fund saw a 27% increase on the day and a 55% increase this week, with volume hitting $120 million. This surge in volume is likely due to anticipation surrounding the planned launch of three futures XRP ETFs on July 14. These include Ultra XRP, UltraShort XRP, and Short XRP funds. The launches are contingent on the SEC allowing them to proceed without objection before deadlines later this month.

The combination of large whale movements, increased trading activity, and anticipation of new ETF launches has created a bullish sentiment around XRP. Traders are closely monitoring the asset's performance, hoping to capitalize on any potential breakouts. The current momentum and market speculation suggest that XRP could continue its upward trajectory, potentially reaching new highs in the near future.