XRP News: Ripple Whales Make Big Bets as Futures Market Reaches $2.5 Billion
Major XRP investors are showing their confidence in the cryptocurrency by buying large quantities of XRP, leading to a surge in its price and a record-breaking open interest in the futures market. Ripple whales have been particularly active, adding over 250 million tokens to their holdings in a short period, driving the price up significantly.
The news of Gary Gensler stepping down in January has sparked explosive activity in XRP. With the futures market hitting $2.50 billion in open interest, investors are eagerly anticipating the potential IPO and ETF listings for XRP in the first quarter of 2025, pending regulatory approval. This has led to speculation of a mega rally on the horizon.
One of the key developments is the rapid accumulation of XRP by Ripple whales. Over 250 million tokens were purchased during a market dip, resulting in a 200% rally. Notable transactions include the movement of 149 million XRP from Bybit to a private wallet and the acquisition of 20 million XRP from South Korea’s Upbit exchange. Analysts see these moves as indicators of future price surges.
The XRP futures market is also thriving, with open interest surpassing $2.5 billion. Platforms like Binance and Bybit have seen increased activity, reflecting growing trader interest. XRP’s recent 4% price jump, trading around $1.51, further illustrates the market’s enthusiasm. A 24% rise in trading volume highlights the increased activity as well.
Analysts are setting ambitious price targets for XRP, with short-term goals around $2 and long-term projections reaching $20. The recent 200% rally and reaching $1.51 on November 25 are positive signs for these predictions. Technical indicators, such as RSI above 70%, suggest strong upward momentum, while the XRP/BTC pair’s significant improvement implies XRP may outshine Bitcoin in the near future.
