Crypto Whales Add 2.2B Ripple XRP Coins in Two Weeks as Prices Surge 30% to $3

The ongoing bitcoin rally drove token prices to a record high of almost £91,263 ($123,000) on Monday. The bullish momentum in cryptocurrency markets also lifted Ripple XRP prices by over 30% in the past seven days to £2.22 ($3) per token during early trading today.

XRP prices reached a record high of £2.85 ($3.84) eight years ago in 2018, and experts say it could soon break that record, as on-chain trends indicate key stakeholders could be gearing up for another historic push.

According to on-chain data from Santiment, large XRP holders, with crypto wallets holding between 100 million and 1 billion tokens, have ramped up their positions since early July. Crypto whales holding XRP increased from 7.6 billion coins to 9.8 billion since 1st July, a 2.2 billion addition of XRP tokens to portfolios. This jump points to growing confidence among investors amid a better regulatory landscape, Ripple's accelerating enterprise adoption, and a favourable capital markets environment.

According to Cryptonews, XRP whale wallets holding at least 1 million tokens also reached a new high of 2,743 addresses, which cumulatively control 47.32 billion XRP tokens.

Meanwhile, open interest in XRP topped a monthly high of £5.3 billion ($7.2 billion), according to CoinGlass data, which is not very far from the all-time high of £6.1 billion ($8.3 billion) in January. The current open interest is a monumental rebound from a low of £2.2 billion ($3 billion) in April.

The US 'Crypto Week,' starting today, where policymakers will mull over bills to shape the crypto industry's regulatory framework, has also led to positive developments for XRP.

UK-registered cloud mining platform, XY Miner, officially announced today the 'XRP Exclusive Contract Program,' for daily settlement, low threshold start-up, and passive income tools for XRP holders worldwide. 'Congress is sending a clear signal that encryption is moving closer to mainstream legal assets. We hope to help users lay out stable income as soon as possible under the general trend of compliance,' XY Miner said in a statement.

Furthermore, London-headquartered GoldenMining, a global cloud mining platform, also said it overhauled its infrastructure to integrate the XRP blockchain to optimise settlement speed, lower network fees, and support more digital assets to enhance user investment returns.

'By integrating with the XRP blockchain, we have taken a major step towards creating an efficient mining experience for our users. This move enhances our cross-chain capabilities and increases the speed at which users can receive, manage, and reinvest earnings,' said Daniel Gray, CTO of GoldenMining, in a press release.

Reports have also emerged that the XRP rally has been primarily driven by a trading surge on South Korea's Upbit exchange. According to Bloomberg, more than 7 million South Koreans or 15% of the population, are now registered on local exchanges.

'This is probably going to do price discovery in the next two weeks as well, in my opinion,' Pseudonymous analyst Pentoshi recently wrote, suggesting the token could break above its previous record near £2.52 ($3.40).

Disclaimer: Our digital media content is for informational purposes only and not investment advice. Please conduct your own analysis or seek professional advice before investing. Remember, investments are subject to market risks and past performance doesn't indicate future returns.