XRP has reached a 7-week high as Ripple whale activity continues to intensify. The surge reflects increasing utility and a steady build-up of positive market fundamentals for XRP in recent weeks.
Ripple Whales Boost Holdings as XRP Price Breaks Above $2.39
XRP has reached $2.39 for the first time since late May, marking its highest value in seven weeks. On-chain data from Santiment shows that there are now 2,742 wallets, each with over 1 million XRP. This is just below the record set the day before. Together, Ripple whales hold a total of 47.32 billion XRP, indicating that they are confident in the token’s future.
Source: Santiment; XRP Price analysis
Notably, whale transfers have intensified: nearly 25.5 million XRP, worth over $60 million, recently moved from an unknown wallet to Coinbase. According to data from Whale Alert, 200 million XRP valued at roughly $477 million was sent from Ripple to an unknown address, stirring speculation about strategic shifts ahead.
XRP Approaches Historic Quarterly Close as Fundamentals Align
XRP price has just closed its highest quarterly candle ever, supporting its bullish outlook. This surge is supported by several important factors related to the market and specific projects.
As previously reported by CoinGape, XRP is currently the top cryptocurrency being traded on Upbit, South Korea’s largest exchange. This shows strong interest from retail investors in Asia. This demand is helping the token to gain momentum and become more influential in the global crypto market.
Furthermore, the ProShares XRP ETF has been added to the DTCC platform, a move that historically signals imminent approval for trading on U.S. exchanges. If launched, the XRP ETF could become a landmark product, drawing institutional capital into the token.
Notably, Ripple strengthened its connections with institutions by choosing BNY Mellon, a major bank, to protect the reserves for its stablecoin, RLUSD. Within seven months, the supply of RLUSD reached over $500 million. Ripple also applied for a national banking license, showing its goal to connect cryptocurrency with traditional finance.
At the same time, Ripple CEO Brad Garlinghouse delivered testimony to the U.S. Senate Banking Committee, underlining XRP’s regulatory momentum after its historic court victory last year.
Analyst Spots God Candle On XRP Price Chart
XRP has increased by more than 10% this month. It has moved clearly above its 26-day and 50-day moving averages. A crypto analyst has noted that a “god candle” pattern has appeared on the chart, suggesting a possible breakout. As per his chart, XRP price is eyeing double digits to $10 and beyond.
Source:X
In addition, the Relative Strength Index (RSI) is in the mid-60s, indicating strength without entering overbought territory. Key resistance lies between $2.40 and $2.50; a break above this zone could open the path toward the $3 mark.
Coingape Staff
CoinGape comprises an experienced team of native content writers and editors working round the clock to cover news globally and present news as a fact rather than an opinion. CoinGape writers and reporters contributed to this article.
Why trust CoinGape: CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights to our readers. Our journalists and analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
Ad Disclosure: This site may feature sponsored content and affiliate links. All advertisements are clearly labeled, and ad partners have no influence over our editorial content.
