XRP Whales Hit All-Time High as Institutional Interest Signals $10 XRP Price Coming Real Soon
Ripples XRP addresses holding between 1 million and 10 million XRP have recorded surging inflows, hitting over $1.1 billion worth of assets. This comes as crypto institutional players shift their attention to the asset following its strategic position in cross-border payments. In the last 15 days, movements to XRP have seen a skyrocketing rally to multiple highs not recorded in months.
XRP trades at $2.44, a 29% surge in the last 7 days, moving against the wider market. The crypto has shown a consistent bullish momentum since Donald Trumps win at the November polls as whale point to a new bullish season for the asset after long periods in the doldrums. XRP surged 56% in the past week, while monthly figures stand at an incredible 352% gain.
Since its launch, whales have never been this involved with the asset for a variety of reasons. Other assets like Ethereum and Solana previously recorded larger whale inflows. This was due to the Securities and Exchange Commissions (SEC) attack on Ripple and two executives, which plunged market sentiment. As a result, XRP traded below the $1 mark for years.
On-chain analysts have flagged the assets soaring price as an opportunity for whales to consider profit-taking. A surge to $10 might see more signs of XRP in exchange flows.
Historically, significant spikes in whale-to-exchange transactions (marked by red circles) align closely with XRP price peaks. This suggests that whales move large amounts of XRP to exchanges to sell near local or cycle tops. The latest spike in whale-to-exchange activity coincides with XRP reaching a local price of around $2.3. This could indicate whales preparing for potential profit-taking or increased market activity, CryptoQuant wrote.
Global Payment Spark Institutional Demand
Three major factors for bullish institutional activity in crypto revolve around its latest partnerships, incoming positive US regulation signaling a strong recovery following the SEC lawsuits and a wider market rally. Ripple has stood out regarding cross-border solutions, partnering with banks and other institutions instigating in multiple jurisdictions.
This year, Ripple tapped a major partnership with the DIFC innovation hub in Dubai, adding to several others, including efforts in stablecoins and Central Bank Digital Currencies (CBDCs). Positive crypto regulation could also turn the tide for the wider market, with institutional appetite soaring for crypto assets. XRP stands to gain from this rising demand.
Inflows in XRP are projected to continue if positive signals remain in the markets. The asset soared to a market cap above $139 billion flipping Tether as the third largest crypto asset.
Text source: ZyCrypto
