TL;DR

Whale purchases of 2.2B XRP in two weeks helped push the price well past the $3.00 mark. Analysts say XRP must close above $3.30 monthly to confirm a breakout into price discovery. Open interest climbs to $9.25, and a new XRP ETF is approved, boosting investor excitement.

Whale Activity Fuels XRP Price Movement

XRP reached $3.16 as of press time, recording an 8% rise over the last 24 hours and a 29% gain over the past week. Trading volume over the past 24 hours was reported at $8.84 billion. Analysts attribute the movement in part to significant buying activity from large holders.

According to renowned analyst Ali Martinez, whales have purchased 2.2 billion XRP in the last two weeks. In terms of USD, this stash is worth well above $6.6 billion at todays prices.

During this period, XRP climbed steadily, passing the $3 mark. The sharp increase in buying pressure appears to coincide with growing investor interest in the asset.

Whales have bought 2.20 billion $XRP in the last two weeks! pic.twitter.com/qpZ2xK7G7J

Several whale transactions have been tracked by blockchain monitoring services. Whale Alert reported a transfer of 25.5 million XRP, worth about $73.6 million, to Coinbase. Around the same time, XRP was trading at $2.92. 

Additional on-chain data shows that a 33 million XRP transfer took place from Upbit to an unknown wallet, and another 40 million coins were moved between unidentified addresses.

Analysts Watch for All-Time High Breakout

Galaxy noted that XRP is approaching a key price level. The cryptocurrency is close to entering “price discovery,” a term used to describe a period when an asset trades above all past price levels. The last time XRP did this was in 2017.

Meanwhile, technical charts suggest XRP is testing its previous all-time high range between $3.30 and $3.35. If it closes above this range on a monthly timeframe, analysts believe further gains could follow.

Ali Martinez has also commented on the current setup. According to him, a weekly close above $3 could push XRP toward $4.80. 

Open Interest and ETF News Draw Attention

Data from CoinGlass shows open interest in XRP perpetual futures has reached $9.25 billion. This represents a 15% increase in the last 24 hours, suggesting growing use of leveraged positions. The total open interest reflects approximately 2.93 billion XRP.

In another development, the SEC has approved the ProShares Ultra XRP ETF. This futures-based product will trade under the ticker UXPR. It aims to provide investors with double the daily performance of XRP.