Recent weeks have seen XRP rise by 23% as massive whale activity, coupled with optimism over an XRP focused exchange-traded fund (ETF), has buoyed the token.
In the last 24 hours, the token’s price spiked 6.31% to $2.73. XRP has a circulating supply of 57 billion and a market cap of $157.75 billion, making it the third largest crypto asset by market cap on the back of a successful year.
As whales hold between $1 million – $10 million of XRP, they gathered $3.8 billion in XRP since November 2024.
According to Santiment data, these wallets now hold 37 percent more XRP than two months ago.
Price Reaches Multi-Year High Amid Accumulation Trends
XRP intraday high at $2.87, highest since December 3, 2024. Heavy accumulation from large wallets continues a trending upward.
Santiment noted that these wallets were crucial for the run – whales ramping up their holdings considerably during this period.
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The price increase is also supported by optimism on developing possible XRP related ETF developments and whale activity.
Late last year, banking firm JPMorgan predicted that it could have an XRP ETF pulling in up to $8 billion in its wake.
Large Transactions and Market Sentiment
Whale Alert reported a major transaction of 30.17 million XRP ($80.6 million). From the unknown wallet with the label ‘rUvEC’, the money was transferred to the Coinbase wallet called ‘rRmgo’.
A lot of transfers to exchanges show a potential for sell-offs. However, there is talk it might be Coinbase transfer or a whale being strategic with his long-term move.
The nature of this transaction has been the subject of debate amongst the XRP community; it could be market driven, or it may be operational.
But whatever the case, these large scale movements influence market sentiment and further add to the XRP rally debates.
XRP Eyes $3 as Record High Approaches
At just 16% down on its all time high XRP is at the center of a discussion whether the crypto can retest the $3 mark.
Coinciding with news that SEC Chair Gary Gensler will be leaving, some have suggested such a looming departure could ease regulatory pressure on Ripple, XRP’s parent company.
XRP’s 24 hour trading volume has risen sharply to $14.08 billion, demonstrating high activity and high interest from investors.
Being that the token is on an upward tack, market participants are watching whales for activity and expecting further gains from the ETF enthusiasm.
Source: https://www.thecoinrepublic.com/2025/01/15/xrp-whales-scoop-up-3-8b-fueling-a-massive-23-rally-is-3-next/