After Gary Gensler announced his resignation in January, XRP saw explosive activity ๐ฅ๐, with Ripple whales adding over 250 million tokens to their holdings in a short period of time โณ๐. Amid this buying frenzy, the price of XRP ๐ต๐ soared, and the futures market hit record highs, surpassing $2.5 billion in open interest ๐๐ฅ. The market is booming with news of an IPO ๐ โจ and an XRP ETF coming in Q1 2025 ๐๐, barring regulatory hurdles. Investors are looking forward to a huge rally ๐๐ฎ.
Whales are piling up XRP amidst bullish sentiment ๐๐คฉ
Ripple whales have been actively buying millions of XRP tokens over the past few days ๐ช๐. According to Santiment reports, over 250 million tokens were purchased during the market downturn ๐๐, leading to a massive 200% surge this month ๐๐ฅ. Whale alerts recorded 149 million XRP worth $227 million being moved from Bybit to a private wallet ๐๐ฐ, while another whale purchased 20 million XRP from South Koreaโs Upbit ๐ฐ๐ท๐ธ.
XRP Futures Market Hits $2.5 Billion ๐๐ต
The Ripple futures market is seeing significant activity ๐, with open interest surpassing $2.5 billion ๐ฅ๐. This number shows that investors are optimistic about the future of XRP ๐ ๐. The increase in open interest, especially on platforms like Binance and Bybit ๐น, indicates that traders are confident in XRP price movements ๐๐ช. Currently, XRP is trading around $1.51 ๐ต๐.
What's next for XRP? ๐๐ฎ
Following this surge, analysts are setting short-term targets at $2 ๐ฒ๐, with expectations that XRP will reach $20 in the long term ๐๐. There has been a 200% increase in three weeks โณ๐, which has XRP heading towards its biggest monthly candle close since April 2021 ๐โจ. With the RSI above 70% ๐๐, things are pointing towards a major upside ๐ฅ๐ฅ. Also, the XRP/BTC pair has seen a major recovery ๐๐, reinforcing expectations that XRP will outperform BTC in the coming months ๐ฅ๐.
Currently, XRP is trading at $1.43 ๐ต๐ค, and with the current data, it seems that reaching $20 is not far ๐๐!
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