XRP Whale Accumulation Intensifies as Price Hits 7-Week High

• Whale wallets now hold over 47 billion XRP as the price reaches $2.39, showing renewed long-term confidence.
• Significant transfers to Coinbase and unknown wallets have stirred speculation about Ripple’s next move.

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XRP whale accumulation is heating up as the coin climbs to $2.39. On-chain data show that this is its highest level in seven weeks. With over 2,700 wallets holding more than 1 million XRP and record quarterly gains, confidence is growing. A top analyst now suggests that $10 may be within sight if momentum holds.

XRP Whale Accumulation Signals Growing Confidence

XRP whale accumulation is picking up pace as the coin’s price touches $2.39, a level it last saw in late May. According to fresh data from Santiment, there are now 2,742 wallets holding more than 1 million XRP each. These wallets now control a total of 47.32 billion XRP, just below the previous day’s record. 

It is worth noting that this increase points to rising confidence among large holders. More importantly, the holders are positioning themselves for further upside. Whale activity is not just passive. On-chain alerts indicate that nearly 25.5 million XRP, worth over $60 million, was transferred from an unknown wallet to Coinbase. 

In another large transfer, 200 million XRP (valued at $477 million) was sent from Ripple to an unidentified address. These movements have sparked discussions about strategic positioning or possible internal reshuffling ahead of major announcements.

The timing of this activity aligns with XRP’s strongest quarterly close to date, helping to support its bullish momentum. The surge is not just technical; it is also being backed by retail demand, especially in Asia. On South Korea’s largest exchange, Upbit, XRP is currently the most traded coin, showing a strong appetite from that region.

While XRP’s price action is gaining more strength, another breakthrough could soon bring more relief to its investors and supporters. As noted in our previous report, XRP may gain a significant boost if the U.S. Securities and Exchange Commission drops its appeal anytime from now.

ETF Buzz, Institutional Moves Fuel XRP Momentum

Adding to the bullish sentiment is the listing of the ProShares XRP ETF on the DTCC platform. Historically, assets that appear on this system tend to receive regulatory clearance not long after. If approved for trading in the U.S., the ETF could bring in new institutional capital.

It is essential to note that Ripple’s efforts toward deeper integration with traditional finance are also impossible to overlook. The firm selected banking giant BNY Mellon to manage reserves for its RLUSD stablecoin, which has already crossed $500 million in supply. 

Additionally, as noted earlier, the company has also applied for a national banking license. This is another significant move, demonstrating its commitment to operating within U.S. financial regulations. CNF also reported that Central banks are looking for more efficient ways to facilitate international payments. Interestingly, Ripple is emerging as a key player in these discussions.

Finally, CEO Brad Garlinghouse recently testified before the U.S. Senate Banking Committee. This essentially reinforces the firm’s push for clarity and acceptance. While that happened, data shows that a chart pattern known as a god candle has now appeared.

Based on this observation, top analysts suggest that XRP could soon aim for $10 if the resistance between $2.40 and $2.50 is broken. As of the time of writing, Marketcap data shows that XRP is trading at $2.43, up 3.69%. It currently has a market capitalization of $143.61 billion.

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