With the recent announcement of Gary Gensler’s departure in January, XRP is experiencing a remarkable surge in activity. Ripple whales have notably increased their holdings by over 250 million tokens in a short span, leading to a significant rise in XRP’s price. The futures market is also witnessing unprecedented growth, with open interest soaring past $2.50 billion. The buzz surrounding XRP’s market is further amplified by the anticipated IPO launch and potential XRP ETF introduction in early 2025, provided that regulatory hurdles are minimized. Investors are now eagerly anticipating a substantial rally. Let’s delve into the latest developments and their implications for XRP’s future.
Whales Accumulate XRP Amid Bullish Sentiment
Ripple whales have been actively amassing substantial amounts of XRP, reflecting a strong bullish sentiment. Recent reports from Santiment reveal that over 250 million tokens were acquired during a market dip, propelling a robust 200% rally this month. Whale alert tracked a series of significant transfers, including 149 million XRP valued at $227 million moving from Bybit to a private wallet, alongside another acquisition of 20 million XRP from South Korea’s Upbit exchange.
The accumulation trend continues with on-chain data showing 58 million XRP, worth $87 million, being moved from Binance to a whale wallet. This significant accumulation demonstrates a strong belief in XRP’s long-term potential. Prominent traders, such as Ali Martinez, have highlighted this strategic accumulation as a clear sign that whales are expecting further upward momentum.
XRP Futures OI Hits Record High of $2.5B
The Ripple futures market is experiencing a buzz of activity, with open interest (OI) now exceeding $2.5 billion. This milestone indicates a growing bullish outlook for XRP’s future. The surge in futures OI, particularly on major platforms like Binance and Bybit, underscores traders’ confidence in XRP’s price trajectory. According to the latest data from Coinglass, the futures OI has reached 1.59 billion XRP, further highlighting the increasing investor interest.
This rise in open interest coincides with XRP’s recent 4% price increase, currently trading around $1.51. The 24-hour price range of $1.54 to $1.31 indicates heightened market volatility, and with a 24% boost in trading volume, it’s evident that traders are keenly participating in the market’s action.
What Lies Ahead for XRP?
Following the recent bull run, analysts are setting short-term targets of $2 for XRP, with some forecasts suggesting a potential climb to $20 in the long term. The bullish sentiment is bolstered by XRP’s 200% surge within just three weeks, reaching $1.51 on November 25. For the first time since April 2021, XRP is on track to close with its largest monthly candlestick. The Relative Strength Index (RSI) is also over 70%, indicating a significant bullish push on the horizon.
Moreover, the XRP/BTC pair has made a remarkable comeback, more than doubling in value. With Bitcoin’s dominance showing signs of waning, XRP is poised to outperform BTC in the coming months. Currently, XRP is trading at $1.43, and with favorable technical indicators, the prospect of reaching $20 is increasingly plausible. As the market unfolds, we will see if these predictions come to fruition.
