The price entered
In its third consecutive week of gains, while on-chain data shows an increase in the number of whales holding XRP.
The rise in whale addresses coincides with a wave of large derivative trades taking long positions. This indicates strong alignment among traders.
XRP whales are accumulating aggressively, now holding over 80% of the circulating supply.
According to an analysis from Santiment, the number of XRP whale addresses - those holding at least one million XRP - reached 2,743 on July 9. This represents a 9.7% increase since the beginning of the year and marks a new record.
Collectively, these large wallets hold 47.32 billion XRP, representing over 80% of the circulating supply.
The price and number of XRP whales since the beginning of the year. Source: Santiment. The price of XRP and the number of XRP whales since the beginning of the year.
"These wallets containing over a million collectively hold 47.32 billion XRP, continuing to show confidence in the future of the fourth-largest market cap currency," commented Briankyu, an analyst at Santiment.
This accumulation by the whales continued even as the price of XRP fell by about 30% from its peak in January. Investors continued to buy during the dip, indicating that current prices still offer value.
There is also positive sentiment in the derivatives market. Hyperliquid recently recorded several large long positions on XRP.
Additionally, BeInCrypto reported that many analysts expect XRP to form a 'divine candle' - a sudden and strong price surge - at some point in 2025.
July becomes critical for XRP ETF speculation
Another key factor fueling the XRP market in July is a series of deadlines for ETFs related to XRP.
Nick indicated that many XRP ETF applications face decision deadlines from the U.S. Securities and Exchange Commission (SEC) this month. These include products based on spot and futures ETFs.
Decisions made by the SEC could significantly shape the future of XRP trading in the U.S.
ProShares plans to launch three XRP ETFs on July 14: Ultra XRP ETF, Ultra Short XRP ETF, and Short XRP ETF. Turtle Capital and Volatility Shares also plan to launch funds on July 21, including 2x leveraged versions. Meanwhile, REX-Osprey is expected to file for its XRP ETF on July 25.
These events could create strong upward pressure on the price of XRP. They also open doors for institutional investors to enter the market.
However, not everyone is optimistic. Some users on X suggested that deadlines may be postponed. They speculate that XRP ETFs could be delayed until the fourth quarter of 2025.
Despite this, the overall sentiment remains optimistic. Prediction markets on Polymarket show a 90% chance of approval for an ETF for XRP at some point in 2025.
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