
Major XRP investors are actively buying large amounts of XRP, indicating strong confidence in the cryptocurrency's future.
XRP's price has surged significantly, and its futures market is experiencing record-breaking open interest.
The potential for XRP to become more widely accessible through IPO and ETF listings.
After the news of Gary Gensler stepping down in January, XRP is witnessing explosive activity, with Ripple whales adding over 250 million tokens to their holdings in just a short period. Amid this buying spree, XRPโs price has surged, and the futures market is breaking recordsโtopping $2.50 billion in open interest. The market is booming with news of the IPO launch and XRP ETFโs arrival in Q1 of 2025, if regulations take a back seat for XRP. Investors are waiting for a mega rally.
Letโs break down the latest developments and what they mean for XRPโs future.
Ripple Whales Go All In
Rippleโs whales have been snapping up XRP at an unprecedented pace. Blockchain analytics firm Santiment reports over 250 million tokens were purchased during a market dip, fueling a staggering 200% rally this month.
Major transfers further underscore this bullish momentum. Whale Alert flagged the movement of 149 million XRP (worth $227 million) from Bybit to a private wallet, alongside another whale acquiring 20 million XRP from South Koreaโs Upbit exchange.
On-chain data reveals more significant activity, including 58 million XRPโvalued at $87 millionโtransferred from Binance to a whale wallet. Analysts like Ali Martinez highlight these strategic accumulations as a clear sign that whales anticipate further price surges.
Futures Market Hits New Heights
The XRP futures market is buzzing with activity, with open interest (OI) now exceeding $2.5 billion. This milestone underscores growing confidence in XRP’s potential. Major trading platforms like Binance and Bybit have seen significant spikes in futures activity, reflecting increased trader interest.
According to Coinglass data, XRPโs futures OI stands at 1.59 billion tokens. This aligns with XRPโs recent 4% price jump, trading around $1.51 with a 24-hour high and low of $1.54 and $1.31, respectively. A 24% rise in trading volume highlights the intensifying market activity.
The Bar Is High for XRP
Following this surge, analysts are eyeing $2 as a short-term target, with some speculating XRP could climb to $20 in the long run. The coinโs meteoric 200% rally over the past three weeks supports these predictions, as XRP reached $1.51 on November 25. Notably, it is on track to close the month with its largest candlestick since April 2021.
Technical indicators add fuel to the bullish outlook. XRPโs RSI remains above 70%, signaling strong upward momentum. The XRP/BTC pair has also made a significant comeback, doubling its value as Bitcoinโs dominance begins to wane. This shift suggests XRP might outpace BTC in the months ahead.
As of now, XRP is trading at $1.43, and as per records and bullish technical factors, is $20 in sight? We will come to know.ย
FAQs
XRP might reach a high of $2.49 or an average of $1.73.
Today, XRP is experiencing a surge in price and trading volume, with whales accumulating tokens and futures open interest hitting $2.5 billion.