XRP News: Ripple whales have purchased over 250 million XRP as the futures market sees major buying. Will it soar to $20?
Ripple whales have acquired millions of XRP in recent weeks, contributing to an impressive 200% rally this month.
Despite a 10% price correction last weekend, on-chain data reveals whales purchased over 250 million XRP during the dip.
As XRP futures open interest surpasses $2.50 billion, speculation grows about a potential rally toward $20.
Whales Drive Bullish Momentum for XRP
According to data from on-chain analytics platform Santiment, Ripple whales purchased more than 250 million XRP over the weekend, signaling strategic buying during a market dip.
The activity followed a selloff that briefly impacted XRP prices.
Prominent trader Ali Martinez highlighted the significance of these whale transactions, suggesting bullish sentiment and confidence in XRP’s prospects.
He noted that such large movements often reflect either optimism about the token’s future or deliberate accumulation. “Traders must watch for potential market moves and legal resolutions of crypto lawsuits,” Martinez advised.
Whale Alert reported several major XRP transactions, including one involving 149 million XRP (valued at $227 million) transferred from the crypto exchange Bybit to a private wallet.
Another whale purchased 20 million XRP from South Korean exchange Upbit, while 58,333,326 XRP ($87 million) was moved from Binance to a whale wallet.
The ongoing whale accumulation aligns with a broader wave of optimism fueled by Donald Trump’s victory in the U.S. presidential election and the anticipated resignation of SEC Chair Gary Gensler.
These developments have heightened expectations for a resolution to the Ripple lawsuit.
Futures Open Interest Hits a Record $2.50 Billion
XRP experienced a weekend price correction, primarily driven by South Korean investors. However, whale activity during the dip has reignited bullish sentiment among XRP investors.
Analysts have set a short-term price target of $2 and a longer-term goal of $20, supported by growing market enthusiasm.
Total XRP futures open interest has now exceeded $2.50 billion, marking a new milestone.
Data from Coinglass indicates a surge in futures OI to 1.59 billion XRP, valued at $2.50 billion, driven by significant activity on Binance and Bybit.
Currently, XRP has seen a 4% price increase within a few hours, trading at $1.51. Over the past 24 hours, the token’s trading volume has climbed 24%, reaching a high of $1.54 and a low of $1.31. This uptick reflects growing interest and confidence among traders.
