🌎 XRP Gains Momentum as Whale Activity and Ripple Deals Surge

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XRP price has gradually formed a bullish pattern, suggesting a potential rebound as whale accumulation continues and Ripple Labs engages in strategic negotiations.

XRP Price Movement and Market Activity

As of Tuesday, XRP was trading at $2.33, marking a 12% decline from its highest point earlier in the week. Despite the dip, on-chain data reveals significant activity among whales, who are steadily purchasing XRP amidst key market catalysts.

Ripple’s Negotiations with Circle

One major catalyst is Ripple Labs’ ongoing discussions to acquire Circle, the company behind USD Coin (USDC). If successful, this acquisition would position Ripple Labs as the second-largest player in the stablecoin industry. Additionally, it would make Ripple the third most profitable cryptocurrency project, trailing only Tether (USDT) and Tron (TRX). Recent data indicates that Circle has generated $1.58 billion in revenue this year.

Integrating Circle would also complement Ripple USD (RLUSD), Ripple’s newly-launched stablecoin, which already boasts a market cap exceeding $313 million. This synergy could significantly bolster Ripple’s presence in the stablecoin market.

Wall Street Demand and XRP ETFs

Another factor driving XRP’s growth is the increasing interest from institutional investors. For instance, eleven companies have applied for a spot XRP ETF, surpassing Solana’s seven applications. Furthermore, the Teucrium 2X XRP ETF (ticker: XXRP) has already amassed over $106 million in assets under management.

Regulatory advancements have also played a pivotal role. CME Group recently launched regulated XRP futures, providing U.S. investors with new opportunities to trade in the asset. Data suggests that the odds of a spot XRP ETF approval have climbed to over 80% this year, fueled by substantial inflows into the XXRP fund. This trend indicates growing institutional interest in XRP-based financial products.

Ripple’s Expanding Partnerships

Ripple has continued to strengthen its global presence through strategic partnerships. Recent integrations with Zand Bank and Mamo in the UAE highlight Ripple’s commitment to expanding its market share. These partnerships align with Ripple’s broader strategy to compete with Swift, a payment network that processes over $150 trillion annually.

Whale Accumulation and On-Chain Data

On-chain analysis underscores the ongoing accumulation of XRP by whales. According to recent data, wallets holding between 1 million and 10 million XRP tokens now collectively hold over 6 billion tokens. Meanwhile, wallets with holdings ranging from 100 million to 1 billion coins have increased their balances to 9.74 billion tokens, up from 8.16 billion in April. This accumulation reflects confidence in XRP’s long-term prospects.

XRP Technical Analysis

The daily chart shows that XRP’s price is consolidating, having retested the 50-day Exponential Moving Average at $2.2850. A bullish inverse head and shoulders pattern has emerged, with the neckline positioned at $2.5812.

Should XRP break above the neckline at $2.5812, it could signal further gains, potentially reaching the year-to-date high of $3.40, representing a 45% increase from current levels. Conversely, a drop below the psychological support level at $2 would invalidate the bullish outlook.