With the weekly active addresses for Ripple increasing by 200%, whales have amassed XRP coins worth over $1.8 billion.
In order to register its XRP ETF with the SEC, WisdomTree submitted a Form S-1.
In the three days after Ripple's big token release, investors across many cohorts made almost $2.7 billion.
After breaking above the $2.58 barrier level, XRP is aiming for a new record high of $3.57.
On Monday, Ripple's XRP price surged 25%, extending its monthly gains to more than 430%. Despite a combination of positive and slightly pessimistic investor behaviors in the previous few days, the remittance-based token currently ranks #3 among major cryptocurrencies after the recent rally.
Important XRP changes to keep an eye on in light of the recent upswing
Santiment data shows that investors have been purchasing XRP at a higher rate than in the previous three weeks, after its recent spike.
People with 1 million to 10 million XRP in the remittance-based cryptocurrency purchased 679.1 million XRP, which is currently valued at around $1.8 billion. At the same time, the number of XRP wallets that are not empty surpassed 5.5 million for the first time since inception.
The XRP Ledger had a weekly growth in active addresses of about 200% to 307K in the previous month, reaching its greatest level since August 2023. This has roused XRP investors as well.
The premium on XRP on Coinbase also shows an optimistic outlook, suggesting that traders in the US are likely behind the current price spike. November saw XRP premiums on the market ranging from 3% to 13%. But the biggest XRP reserve, Upbit, kept its premium at a reasonable level.
Following last week's first registration in Delaware, asset management WisdomTree formally registered an XRP ETF with the SEC on Monday via an S-1 registration statement. Recently, XRP has become a member with its files. Canary Capital, Bitwise, and 21Shares as well.
As a result, speculation has been circulating within various X social media circles on the potential impact of the New York government's approval of Ripple's stablecoin on the ongoing XRP bull run.
But not everything has gone well for XRP in the market. Investors in XRP made almost $2.7 billion, the greatest profit in eight years, after the price rise over the weekend. This indicates that investors are progressively taking gains while riding the wave, even if there has been a recent buildup of whales.
Across all age groups, the Mean Coin Age metric has been declining. This indicator indicates the amount of money investors are accumulating or distributing. This demonstrates that over the last three weeks, selling activity among both short-term and long-term investors has been consistent.
Sunday also saw the release of 500,000,000 XRP coins, with a combined value of more than $1.35 billion, from Ripple's escrow unlock mechanism. The present upward momentum will be curbed if this supply is introduced to the market at this time.
XRP bulls may aim for $3.57, a potential new record high.
Monday saw Ripple's XRP breach the $2.58 barrier, leading to more over $91 million in liquidations in the previous 24 hours, according to statistics from Coinglass. There were $38.67M in liquidated long holdings and $52.47M in liquidated short positions.
If XRP continues to rise over the $2.58 mark, it has the potential to reach the maximum profit goal of a rounded bottom pattern, which is $3.57. Last week, the remittance-based coin surged past the $1.96 mark, confirming the trend.
On Monday, XRP futures open interest (OI) reached a fresh record high of $4.24 billion, adding to the positive trend.
A derivatives market's open interest is the sum of all contracts that are currently outstanding. A rise in open interest (OI) during a price rally indicates that additional capital is entering the market to bolster the positive momentum.
Over the previous week, the Relative Strength Index (RSI) has maintained strong levels in the oversold area, suggesting that prices are overheated and a drop is impending.