XRP, the primary currency of the XRP Ledger (XRPL) network, soared to a seven-year high on Wednesday, briefly surpassing $3.35 for the first time since January 2018. The surge coincided with bitcoin (BTC) briefly recovering the historic $100,000 price level, fueled by excitement around the January 2025 U.S. Consumer Price Index (CPI) inflation report.
Although XRP retraced to $3.20 today, the cryptoasset has reclaimed $3.28 at the time of writing, translating to an impressive 10% and 44% gain in the past 24 hours and seven days, respectively. Meanwhile, BTC, ETH, BNB, and SOL, which make up the top 5 cryptoasset by market cap, boast gains below 10% in the past week.
Whales accumulate 1.4B XRP tokens in two months
Recent data reveals that large investors, or whales, have been steadily accumulating XRP over the past two months. Analytics firm Santiment reported that addresses holding between 1 million and 10 million XRP tokens collectively increased their holdings by 1.4 billion coins during this period. This accumulation, valued at approximately $3.8 billion, highlights growing confidence in the cryptoasset’s long-term potential.
Moreover, the timing of this whale activity coincided with a consolidation phase in XRP’s price, which has since given way to a breakout. This suggests that institutional and large-scale investors were strategically positioning themselves ahead of the token’s recent rally. Such concentrated buying activity often serves as a bullish indicator, signaling that major players anticipate further price appreciation.
Read also: XRP Open Interest surges to all-time high amidst market dump.
Ripple’s progress and market dynamics
Beyond whale activity, several macro factors contributed to XRP’s rise. Ripple’s ecosystem has seen significant developments, including the launch of its stablecoin, RLUSD, and growing partnerships with financial institutions.
Notably, speculation about the approval of a spot XRP exchange-traded fund (ETF) has also driven market interest. Ripple President Monica Long expressed optimism about the ETF’s prospects, citing the incoming administration’s supportive stance on crypto regulations. Such an approval could unlock new avenues for institutional investment in XRP, further bolstering demand.
Interestingly, Ripple CEO Brad Garlinghouse and chief legal officer Stuart Alderoty recently met with the incoming U.S. president Donald Trump. While the details of the meeting remain undisclosed, it has sparked more interest in XRP.
On the technical front, XRP’s price action broke out of a consolidation phase that began in December 2024, culminating in the cryptoasset closing a yearly candle above $2 for the first time in seven years and paving the way for its recent highs. Crypto analysts note that the token is on track to retest its 2018 all-time high (ATH) of $3.40.
XRP’s path forward
With a market capitalization of over $170 billion, XRP has cemented its position as the third-largest cryptocurrency. Notably, its valuation has surpassed that of BlackRock, the world’s largest asset manager. Accordingly, the confluence of whale accumulation, technical breakout patterns, and broader market enthusiasm positions XRP as a strong candidate for an explosive price rally in the steaming crypto bull market.
As reported by Crypto Asset Buyer, several top chartists project XRP to hit $4 in the coming weeks and then $8 as bullish momentum continues.
Read also: XRP futures funding rates, rare chart patterns signal explosive rally ahead.
Ndianabasi Tom A Petroleum Engineering degree holder, Ndianabasi’s interest since 2018 has been studying the ever-growing field of blockchain and cryptocurrency, keenly evaluating the innovation, exploration, and expansion of this field locally and globally. The founder of Nitadel a media platform, Ndianabasi has been a Writer at Crypto Asset Buyer (CAB) since 2021. When he is not drilling resources in the blockchain and cryptocurrency field, Ndianabasi is singing, reading, watching crime movies, or playing football.
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