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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, XRP’s price has surged, and the futures market is breaking records—topping $2.50 billion in open interest. The market is booming with news of the IPO launch and XRP ETF’s arrival in Q1 of 2025, if regulations take a back seat for XRP. Investors are waiting for a mega rally.
Let’s break down the latest developments and what they mean for XRP’s future.
Whales Accumulate XRP Amid Bullish Sentiment
Ripple whales have been on a buying spree, accumulating millions of XRP over recent days. According to Santiment, over 250 million tokens were purchased during a market dip, fueling a strong 200% rally this month. Whale alert reported a series of transfers that saw 149 million XRP worth $227 million move from Bybit to a private wallet, while another whale scooped up 20 million XRP from South Korea’s Upbit exchange.
The bullish behavior doesn’t stop there. On-chain data also tracked 58 million XRP—valued at $87 million—being moved from Binance to a whale wallet. This massive accumulation signals confidence in XRP’s long-term prospects, with traders like Ali Martinez pointing to the strategic accumulation as a key indicator that whales are expecting more upside.
XRP Futures OI Hits Record $2.5B
Ripple’s futures market is buzzing, with open interest (OI) now surpassing $2.5 billion. This milestone is an indication that investors are bullish on XRP’s future. The increase in futures OI, particularly on platforms like Binance and Bybit, shows that traders are putting their faith in XRP’s price movement. As of the latest data from Coinglass, the futures OI stands at 1.59 billion XRP, a testament to growing investor interest.
This surge in open interest aligns with XRP’s recent 4% price jump, currently trading around $1.51. The 24-hour high and low of $1.54 and $1.31 indicate that market volatility is increasing, and with a 24% rise in trading volume, it’s clear that traders are jumping in on the action.
What’s Next for XRP?
Following the bull run, analysts are setting their targets on $2 in the short term, with some predicting that XRP could climb as high as $20 in the longer run. The bullish sentiment was backed by XRP’s 200% explosion in just three weeks, hitting $1.51 on November 25. For the first time since April 2021, it’s on track to close with its biggest monthly candlestick. The RSI is also above 70%, signaling a major bullish push ahead. Even more exciting, the XRP/BTC pair has bounced back big time, more than doubling in value. With Bitcoin’s dominance showing signs of slowing down, XRP looks set to outshine BTC in the coming months.
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.