Summary:
XRP surged 25% on Monday, with monthly gains exceeding 430%.
Whales accumulated over $1.8 billion in XRP amid a 200% rise in active addresses.
WisdomTree filed for an XRP ETF, joining other major investment firms.
$2.7 billion in profits realized by investors in the last three days, the highest in eight years.
XRP targets a new all-time high of $3.57 after breaking the $2.58 resistance.
Ripple's XRP has been on a remarkable rally, experiencing a 25% surge on Monday, which has pushed its monthly gains to over 430%. This impressive performance has positioned XRP as the #3 cryptocurrency in the market, despite a mix of bullish and bearish investor sentiments lately.
Key Updates to Watch Amid XRP's Bullish Charge
Recent data from Santiment highlights significant buying activity among investors, particularly whales holding between 1M-10M XRP, who have collectively purchased 679.1 million XRP, valued at approximately $1.8 billion. Additionally, the number of non-empty XRP wallets has surged above 5.5 million, marking a significant milestone since its launch.
The weekly active addresses on the XRP Ledger have also seen a dramatic increase of nearly 200%, reaching 307,000 — the highest level since August 2023. This uptick in activity signals renewed interest and engagement from investors.
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The bullish momentum is further backed by the XRP Coinbase premium, which indicates that US traders are likely contributing to the recent price increases, with premiums ranging from 3% to 13%. Meanwhile, WisdomTree has filed an S-1 registration with the SEC for an XRP ETF, joining the ranks of Bitwise, 21Shares, and Canary Capital.
Social media is abuzz with rumors about the New York government's approval of Ripple's stablecoin, raising speculation about its potential impact on the XRP bull run.
Despite the positive trends, market activity has not been entirely favorable. Investors have realized over $2.7 billion in profits in the past three days, the highest in eight years, indicating that many are cashing in on their gains.
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The Mean Coin Age metric suggests ongoing selling activity among both short-term and long-term investors, indicating a trend of profit-taking.
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Additionally, Ripple unlocked 500 million XRP tokens worth over $1.35 billion, which could potentially slow the current bullish momentum if these tokens flood the market.
XRP Bulls Targeting New All-Time Highs
After breaking the $2.58 resistance, XRP has set its sights on a new all-time high of $3.57. This breakout has resulted in liquidations exceeding $91 million within 24 hours, indicating high volatility in the market.
If XRP can maintain its momentum above $2.58, it could reach $3.57, completing the profit target of a rounded bottom pattern. The surge in futures open interest to a new high of $4.24 billion supports this bullish outlook, suggesting fresh capital is entering the market.
However, the Relative Strength Index (RSI) indicates that prices may be overheated, suggesting a potential correction is on the horizon. A close below $1.96 would invalidate the bullish thesis, so investors should stay vigilant.
Ripple FAQs
What is Ripple?
Ripple is a payments company specializing in cross-border remittance using blockchain technology. RippleNet is a network for payments transfer created by Ripple Labs and is open to financial institutions worldwide.
What is XRP?
XRP is the native token of the XRPLedger, facilitating transactions and enabling instant payments for financial institutions globally.
How does XRPLedger work?
The XRPLedger uses distributed ledger technology and features a protocol to combat spam and DDoS attacks, maintained by a global community.
What is the interledger standard?
XRP utilizes the interledger standard to facilitate payments across different networks, removing the need for intermediaries and centralization.
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