- Whale moves inject billions into XRP, fueling bullish market momentum.
- SEC greenlights UXPR ETF, expanding XRP’s institutional investment reach.
- XRP nears historic breakout zone after weeks of sustained accumulation.
XRP has drawn strong attention across the crypto market after recording a significant surge in price and trading activity. The token rose to $3.24 in the last 24 hours, gaining 8.43 percent and recording a 32.34 percent increase over the past week.
These drove investors to flood the market, and the trading volume edged to $8.84 billion. Amid the bullish movement, large investors, commonly known as whales, are moving substantial amounts of tokens between wallets.
The aggressive accumulation has also caused the sharp price increase. Ali Martinez, a prominent analyst in the crypto community, reported that whales purchased 2.2 billion XRP in two weeks. At present costs, the aggregate value of such purchases is more than $6.6 billion.
Source: Ali-Chart
Also Read: Elizabeth Warren Says New Crypto Bill Could Collapse U.S. Economy Instantly
Recent Whale Movements Signal Major Market Activity
A recent large XRP transfer to Coinbase sparked reactions across the crypto space. As reported by 36crypto, 25,498,179 XRP, worth over $70 million, was sent from an unknown wallet to the exchange.
The 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. At the time of writing, the entity behind the destination wallet remains uncertain.
Moreover, another 40 million XRP moved between anonymous addresses in another transfer. The transfers denote heightened action among large holders.
Meanwhile, the transactions have drawn wide reactions from members of the crypto community. Observers are speculating that it could be part of portfolio re-strategizing or possible profit-taking.
ETF Approval and Leverage Build Confidence in XRP
At the same time, the U.S. SEC has approved the ProShares Ultra XRP. With the ticker UXPR, this product provides twice the daily performance of XRP in the form of futures.
The endorsement is expected to increase institutional visibility as the popularity of XRP among retail and professional traders continues to grow.
XRP perpetual open interest has also reached a high of $9.25 billion, signalling a 15 percent jump in 24 hours, a sign of more leveraged activity.
Conclusion
Whale accumulation, rising trading activity, and regulatory developments have brought XRP closer to a potential all-time high breakout. Market participants remain alert as momentum continues to build around the digital asset.
Also Read: Dogecoin Approaches Major Breakout as Weekly Chart Breaks Seven-Month Trend
