- XRP’s price saw a 6% recovery to $2.31 on December 24, alongside a 52% increase in XRP futures open interest following massive whale buying for the altcoin.
- Positive sentiment around XRP is bolstered by regulatory speculation, including the potential approval of an XRP exchange-traded fund (ETF).
Strong signs of accumulation of XRP by Ripple whales abound after reports emerged that some 40 million tokens had been bought in the market’s recent price drop. Crypto volatility is gaining traction these days as its value swings in a sharp trend. Thus, buying by these XRP whales could mean that many investors have taken advantage of reduced prices as they remain optimistic over long-term prospects for the currency.
Recent XRP Price Action
XRP’s price has witnessed heavy trading in the market, even as its price has gone through fluctuations. After losing significant value, the Ripple token recovered by nearly 6% to $2.31 on Tuesday, December 24. During the day, it touched a high of $2.32, with the low being $2.14.
The rebound came in despite the 24-hour trading volume plunging by 32.73% to $7.61 billion. However, according to Coinglass stats, XRP futures open interest increased by a whopping 52.47% to $2.64 billion, which means confidence in the market is rising.
Moreover, Ripple’s Chief Legal Officer, Stuart Alderoty, recently urged an end to the lawsuit that has been ongoing for four years with the U.S. Securities and Exchange Commission (SEC). This legal battle is a focal point for investors, and it affects sentiment regarding the price trajectory of XRP.
In addition to the whale accumulation, there has been significant on-chain activity, with over $132 million worth of XRP moved across wallets, reported CNF. Market analysts, including crypto expert Ali Martinez, have highlighted these movements in recent updates. Martinez emphasized that the whales’ buying spree signals a bullish outlook for the token.
What’s Next For Ripple Token?
In this accumulation, leading market influencer Bark on X encouraged investors to continue adding XRP to their portfolios. Recently, he posted a prediction that the token might hit $3.5, and this has increased optimism among traders. He also mentioned that XRP is poised for massive gains in 2025, which strengthens positive sentiment, reported CNF.
Regulatory developments are in the spotlight as well. This week, Donald Trump assumes office on January 20, and there has already been much talk about him being a pro-crypto regulatory environment in the U.S. Speculation now is that an XRP exchange-traded fund may well be approved, which would serve to strengthen the token’s market position.
In other news, Ripple’s RLUSD stablecoin has recently been listed on Singapore’s Independent Reserve exchange for the first time. It has been interpreted as an indication of Ripple’s expansion into global markets and its potential contribution to the XRP price momentum.
