Rise in XRP Purchases by Whales Boosts Ripple's Market Position over the Past Decade, with Over 280 Million Coins Transacted
The ongoing altseason has seen a surge in the prices of various altcoins and legacy coins, with Ripple's XRP being one of them. Despite a recent dip of over 11%, causing its price to trade at $3.06, XRP shows signs of a bullish trend that have been observed across multiple bull cycles.
The legal battle between Ripple and the SEC, which ended in favour of Ripple, is a significant event for the XRP community. This seven-year-long battle had caused the price of XRP to fall significantly, but following its conclusion, the price immediately pumped back. XRP had even set its all-time high (ATH) price in a previous bull cycle before facing the legal battle.
The recent settlement of Ripple's SEC case and the resulting regulatory clarity have significantly boosted investor confidence in XRP. This clarity, combined with the rollout of XRP futures and ETFs, has increased institutional participation and trust.
One of the most notable developments is ProShares' launch of the first XRP futures ETF. This, along with partnerships with over 200 institutions using the xRapid platform, has contributed to XRP's surge.
Analysts are optimistic about XRP's potential performance this bull cycle. They believe a parabolic pump lies ahead for XRP due to its increasingly bullish signs on the price chart. Reputed analysts predict that XRP could reach $4 by the end of 2025, with potential prices ranging from $2.70 to $3.40 in the short term.
For XRP to hit new ATHs during this altseason, several conditions need to be met. Continued institutional support, a positive altcoin market sentiment, and technical breakouts are crucial. XRP needs to maintain its technical momentum, breaking through resistance levels and holding support at key price points like $2.90 to $3.00.
Given the current momentum and factors driving XRP's growth, it's plausible that XRP could continue to rise and potentially hit new ATHs during this altseason. However, sustained recovery and ATHs depend on continued institutional adoption, regulatory stability, and favourable market conditions.
As of now, the total market cap of XRP stands at $181,568,323,831.68, and its 24-hour trading volume is $15,339,023,852.86. Many XRP whales are accumulating XRP heavily, seeing the current downward dip as a golden opportunity before a new ATH price is set. Analysts hope that the price of XRP will hold up at the $3.03 price range, potentially leading to an exciting pump in August.
Cryptocurrency investors are hopeful about XRP's future, with analysts predicting that it could potentially reach $4 by the end of 2025. This optimism is fueled by the recent launch of the first XRP futures ETF and increased institutional participation, as well as the settlement of Ripple's SEC case leading to regulatory clarity. However, for XRP to hit new all-time highs during the ongoing altseason, conditions such as continued institutional support, a positive altcoin market sentiment, and technical breakouts need to be met.
The legal victory of Ripple in its long-standing dispute with the SEC has significantly impacted the XRP community. The resolution of the case has boosted investor confidence and paved the way for the rollout of XRP futures and ETFs, contributing to XRP's surge.
Despite a recent dip in XRP's price, analysts are observing bullish trends that have been observed across multiple bull cycles. With continued momentum and favorable market conditions, it's plausible that XRP could continue to rise and potentially hit new all-time highs during this altseason. However, sustained recovery and ATHs depend on continued institutional adoption, regulatory stability, and a favorable market environment.
