Fast Facts
TL;DR
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Whale Activity: Large holders purchased 2.2 billion XRP in two weeks, driving prices past $3.00 and fueling a 29% weekly gain.
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Breakout Potential: XRP must close above $3.30 monthly to enter "price discovery," with analysts projecting further gains towards $4.80 if this level is achieved.
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Growing Open Interest: XRP perpetual futures open interest hit $9.25 billion, reflecting increased leveraged positions and investor engagement.
- ETF Approval: The SEC approved the ProShares Ultra XRP ETF, set to enhance investor interest by offering double daily performance of XRP.
Massive Ripple Whale Accumulation Fuels XRP Surge Toward New ATHs
Whale activity has driven XRP’s recent price surge. As of press time, XRP reached $3.16, marking an 8% jump over the last 24 hours and a remarkable 29% increase this week. Trading volume soared to $8.84 billion in the past day.
Analysts report significant purchases by large holders. Renowned analyst Ali Martinez noted that whales bought 2.2 billion XRP in just two weeks, worth over $6.6 billion at current prices. Consequently, this buying frenzy propelled XRP past the $3 mark, signaling increased investor interest in the asset.
In addition, blockchain monitoring services tracked multiple whale transactions. For instance, Whale Alert reported a 25.5 million XRP transfer, valued at about $73.6 million, to Coinbase. Around this time, XRP traded at $2.92. Another noteworthy transaction involved a transfer of 33 million XRP from Upbit to an unknown wallet, along with a 40 million XRP movement between unidentified addresses.
Importantly, analysts are closely monitoring XRP’s price action. Galaxy pointed out that XRP is nearing a crucial price level for “price discovery,” where it would trade above all previous peaks. This situation closely resembles XRP’s last experienced peak in 2017.
Analysts emphasize a key threshold. They believe XRP must close above the $3.30 to $3.35 range on a monthly basis to confirm a breakout. Martinez suggests that a weekly close above $3 could set XRP on a path toward $4.80.
Furthermore, exciting market developments enhance investor sentiment. Data from CoinGlass indicates open interest in XRP perpetual futures has skyrocketed to $9.25 billion, reflecting a 15% rise in the last 24 hours. This increase suggests more traders are engaging in leveraged positions.
Additionally, the SEC’s approval of the ProShares Ultra XRP ETF has stirred interest. This futures-based product intends to double the daily performance of XRP, providing investors with additional opportunities.
The convergence of whale accumulation, open interest growth, and ETF approval showcases XRP’s potential. With clear indicators pointing toward a possible all-time high, XRP enthusiasts remain optimistic about the future.
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