Santiment data shows that whales holding more than one million coins have purchased 100 million Ripple tokens in the past seven days, while those with at least 100 million coins have bought the astonishing amount of 1.45 billion coins.
If the whales continue this wave of accumulation, the price of XRP could keep rising. Additionally, their buying behavior comes after a massive increase in institutional demand for this token, as evidenced by the Teucrium XXRP ETF, which has accumulated over 248 million dollars in net assets.
This success has also led more investors to speculate about the potential upcoming approval of a spot XRP ETF, especially with U.S. lawmakers debating several cryptocurrency-friendly bills this week. At Polymarket, 85% of investors on the platform anticipate that this product will receive the green light before the year ends.
Finally, the GENIUS Act, which the U.S. House of Representatives is debating this week regarding cryptocurrencies, will bode well for the stablecoin RLUSD, and its growth will extend to the price of XRP. Data from CoinMarketCap shows that the stablecoin has reached a market capitalization of $517 million and could continue to grow with more flexible regulations, which could also drive the advancement of XRP.