XRP is attracting attention in the crypto market after a significant price increase and trading activity. The token surged to $3.24 in the last 24 hours, gaining 8.43% and 32.34% over the past week.
Recent Whale Movements Signal Major Market Activity
A recent large transfer of XRP to Coinbase sparked reactions across the crypto space. 25,498,179 XRP, worth over $70 million, was sent from an unknown wallet to the exchange.
The move occurred within minutes while XRP was trading at $2.92, following five consecutive days of positive price movement.
Another transaction of 33 million XRP, worth more than $90 million, was made through the South Korean crypto exchange Upbit. At the time of writing, the entity behind the destination wallet remains uncertain.
Moreover, another 40 million XRP moved between anonymous addresses in another transfer. The transfers denote heightened action among large holders.
ETF Approval and Leverage Build Confidence in XRP
At the same time, the U.S. SEC has approved the ProShares Ultra XRP. With the ticker UXPR, this product provides twice the daily performance of XRP in the form of futures.
The endorsement is expected to increase institutional visibility as the popularity of XRP among retail and professional traders continues to grow.
XRP perpetual open interest has also reached a high of $9.25 billion, signaling a 15% jump in 24 hours, indicating increased leveraged activity.
Conclusion
Whale accumulation, rising trading activity, and regulatory developments have brought XRP closer to a potential all-time high breakout. Market participants remain alert as momentum continues to build around the digital asset.
Key market shifts in XRP may indicate further growth opportunities and changes in investor preferences.
