Ripple’s XRP has captured attention with a massive 200% rally this month. Recent whale activity and soaring futures open interest suggest more gains could be ahead.
Whales Accumulate Over 250 Million XRP
On-chain data from Santiment shows Ripple whales purchased over 250 million XRP during the recent dip. This surge in whale activity followed a 10% price correction over the weekend.
Prominent trader Ali Martinez noted the bullish outlook, highlighting significant whale transactions. For instance, 149 million XRP worth $227 million was transferred from Bybit to a private wallet. Another whale purchased 20 million XRP from South Korean exchange Upbit.
Santiment also reported a transfer of 58.3 million XRP, valued at $87 million, from Binance to a whale wallet. These transactions reflect growing confidence in XRP’s potential, possibly fueled by optimism over legal developments like the Ripple lawsuit and SEC Chair Gary Gensler’s resignation.
XRP Futures Open Interest Hits $2.5 Billion
The bullish momentum extends to the futures market, with XRP futures open interest surpassing $2.5 billion. According to Coinglass, this growth was driven by massive buying activity on platforms like Binance and Bybit.
XRP’s price currently trades at $1.51, with a 24-hour high of $1.54 and a low of $1.31. Trading volume has surged by 24% in the same period, signaling heightened interest among investors.
Analysts Predict $20 Target for XRP
While XRP’s immediate target stands at $2, some analysts have set a long-term price goal of $20. The whale-driven accumulation, rising open interest, and improved sentiment make this prediction plausible.