XRP has defied the sluggish cryptocurrency market, rallying over 10% in the past 24 hours to reach $2.74.
This surge has pushed its market capitalisation above $159 billion, making it the third-largest cryptocurrency by market value, surpassing Tether (USDT).
Source: CoinMarketCap
The sharp price increase follows the US Securities and Exchange Commission’s (SEC) acknowledgment of Grayscale’s application to convert its XRP Trust into an exchange-traded fund (ETF), a move that could boost institutional adoption.
At the same time, whale activity has intensified, with over 431 million XRP, worth more than $1 billion, changing hands across multiple transactions.
The transactions have sparked speculation about potential liquidity shifts, fund restructuring, or strategic market positioning ahead of regulatory changes.
Wallet moves 300M XRP
At precisely 22:25 UTC on Thursday, a Ripple-linked address transferred 300 million XRP, valued at approximately $776.7 million, to the receiving wallet “rP4X2hTa.”
This wallet has played a significant role in previous large-scale transfers and was originally activated by Ripple with 70 million XRP in October 2023.
The receiving wallet has been central to multiple high-value transactions. In early January, it received the same amount—300 million XRP—from the same sending address.
Similarly, in December, it was credited with 380 million XRP from another Ripple-linked source.
Just 20 minutes after the latest transfer, 90 million XRP worth $230 million was moved to a secondary address, “rhWt2bhR.”
This address has also been involved in previous major XRP movements, reinforcing speculation that these transfers are part of a broader liquidity strategy.
Coincheck shifts 41M XRP
While the market was still digesting the Ripple-related transactions, Coincheck executed another significant transfer early Friday.
At 05:53 UTC, the exchange moved 41 million XRP, equivalent to $104.6 million, to a newly activated wallet, “rN5DAdx6F.”
Blockchain data shows that Coincheck initially tested the address with a small 30 XRP deposit before executing the large-scale transfer, a standard practice for operational security.
The purpose of the transaction remains unclear, but its timing has fuelled speculation about potential exchange-led liquidity adjustments or upcoming institutional movements.
XRP price holds at $2.76 as ETF optimism grows
Despite the sudden increase in large-scale transfers, XRP has remained resilient, gaining 10% in the past 24 hours.
The price boost coincides with the SEC’s acknowledgment of Grayscale’s XRP ETF filing, which has reignited optimism among investors.
Although the SEC’s review period extends up to 240 days and does not guarantee approval, the development is seen as a crucial step toward institutional adoption.
A spot XRP ETF could provide investors with exposure to the asset without requiring direct ownership, potentially increasing market participation.
Ripple’s CEO Brad Garlinghouse has long argued that an XRP ETF was inevitable and previously suggested that similar products for Solana (SOL) and Cardano (ADA) could also gain approval.
Some XRP supporters believe that the SEC’s acknowledgment of the ETF application signals a shift in regulatory sentiment.
Speculation has intensified following the appointment of Mark Uyeda as SEC chair, replacing crypto critic Gary Gensler.
Some market participants view this leadership change as a sign that the regulator’s long-standing lawsuit against Ripple, dating back to December 2020, may soon reach a resolution.
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