XRP's price has significantly increased, reaching $2.43. This growth coincides with the active accumulation by major investors and Ripple's efforts in regulatory matters, creating an interesting market landscape.
Intrigue in the XRP Market
According to market intelligence platform Santiment, the number of major XRP holders, known as "whales," is increasing. Currently, there are 2,742 wallets each holding at least 1 million XRP, one wallet shy of the all-time high of 2,743 recorded yesterday. These whale wallets collectively hold 47.32 billion XRP, indicating that the largest holders are not just holding but are also actively accumulating.
Ripple’s Push for Market Transparency
Ripple is also actively advocating for clear rules for the crypto industry in the United States. CEO Brad Garlinghouse recently spoke before the Senate Banking Committee, emphasizing the need for clear regulations in digital asset markets. He highlighted Ripple's compliance-oriented approach and the potential of the XRP Ledger for fast and scalable cross-border payment processes.
XRP Price Prospects
Currently, XRP trades near $2.42, up about 4.4% in the last 24 hours. The cryptocurrency has also broken out of its tight price range, moving above the $2.35 mark and is now testing the $2.50 level. If XRP can hold above $2.60, traders will be eyeing the next targets of $2.95 and $3.20.
The price surge of XRP and the activity of major investors create optimism in the crypto industry. Ripple’s efforts to enhance regulation are also contributing to the safe development of the market and could play a significant role in the future price movements of XRP.
