Whale activity on Binance has hit a six-month peak, with over 2.66 billion XRP tokens deposited into the exchange in the last 30 days. According to CryptoQuant, this marks the largest influx of XRP by large holders since April 2024, signaling heightened engagement from major investors.
This spike in activity coincides with whales purchasing over 100 million XRP during recent market turbulence. These acquisitions occurred when XRP dipped below the $2 support level, suggesting that whales are optimistic about the token’s long-term potential despite current price volatility. The substantial volume of accumulated XRP reflects confidence in its recovery and future growth.
Following this surge in whale activity, XRP has rebounded and is trading at approximately $2.42, up 10% over the last 24 hours. This recovery is attributed to Ripple’s regulatory success in gaining approval for its RLUSD stablecoin. Ripple CEO Brad Garlinghouse announced the approval from the New York Department of Financial Services (NYDFS) after an extensive review process.
RLUSD, introduced earlier this year, aims to compete with prominent stablecoins like Tether’s USDT and Circle’s USDC. Garlinghouse revealed in a December 10 post on X that Ripple would soon disclose details about RLUSD’s exchange listings and partnerships, positioning it as a major player in the stablecoin market.
Conclusion
The surge in whale activity and Ripple’s regulatory achievement underscore growing optimism around XRP’s future. With market dynamics pointing to recovery and innovation, XRP appears poised for continued growth, bolstered by Ripple’s stablecoin ambitions.
Victor Swaezy
Victor Swaezy is a crypto-journalist with more than 3 years of experience in covering blockchain technology and digital currencies news. Known for his comprehensive reporting, Victor has contributed to leading industry publications, providing market participants with the required knowledge to make informed decisions. When he is not working, he loves to watch movies and have a good time.