XRP News: Futures OI Tops $2.50B As Ripple Whales Buy Over 250M Coins

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As a seasoned analyst with over two decades of experience in the financial markets, I have seen my fair share of market trends and whale activities. The recent buying spree by Ripple whales, accumulating millions of XRP, is reminiscent of the tulip mania in 17th-century Holland – only this time, it’s digital gold!

Update on XRP: Over the past few weeks, large XRP investors (known as whales) have bought millions of XRP, causing a significant 200% increase in price this month. Despite a 10% drop in XRP price over the weekend, data from blockchain activity shows that these whales purchased more than 250 million XRP during this dip. With the total value of XRP futures contracts reaching $2.50 billion, some analysts are predicting that XRP could reach a price of $20 in the near future.

Whales Accumulation Triggers Bullish News for XRP

Over the weekend, Ripple whales acquired approximately 250 million units of XRP, as reported by the on-chain data provider Santiment. This move came after whales capitalized on a price drop (dip) in XRP following a weekend selloff of the cryptocurrency.

Trader Ali Martinez hints at a positive outlook among large Ripple investors, suggesting they anticipate an increase in the value of XRP. These substantial transactions could signify either optimism towards XRP or strategic buying. Traders should stay alert for possible market shifts and pending outcomes of cryptocurrency lawsuits.

Whale Alert noted numerous transactions involving XRP tokens, including one transaction valued at approximately 149 million tokens, equivalent to around $227 million, being transferred from crypto exchange Bybit to a digital wallet. Furthermore, a significant investor (often referred to as a “whale”) gathered 20 million XRP tokens from the South Korean exchange Upbit.

Furthermore, it was reported that 58,333,326 XRP, worth approximately $87 million, were moved from Binance to a large-scale XRP wallet.

According to an earlier report by CoinGape, there’s been a significant increase in the hoarding of tokens by large investors (whales), driven by optimistic market feelings. The victory of Donald Trump in the U.S. presidential election and the resignation of Gary Gensler as US SEC Chair have stoked hopes that the Ripple lawsuit may soon come to an end.

Rally Continues As Open Interests Hit Over $2.50 Billion

Over the past weekend, I noticed a correction in Ripple’s token, but the appearance of whales snapping up the dip was majorly uplifting news for me as an XRP investor. The recent dip seems to have originated from South Korean investors. Yet, analysts are optimistic, pointing towards a potential price of $2 in the short term and a long-term target of $20, given the numerous bullish tidings surrounding XRP.

Total XRP futures open interests have now surpassed $2.50 billion, hitting a new high. The futures OI increased to 1.59 billion XRP worth $2.50 billion amid massive buying seen on Binance and Bybit, as per Coinglass data.

In the past few hours, XRP’s price has risen approximately 4%, currently standing at $1.51. Over the past day, its lowest and highest prices were $1.31 and $1.54 respectively. Moreover, there’s been a 24% surge in trading volume within the last 24 hours, suggesting a growing curiosity among traders.

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2024-11-25 13:17