XRP has surged to a 7-week high of $2.43 amid rising whale accumulation.
The rally is also fueled by anticipation surrounding multiple XRP ETF approvals expected in July.
Today, XRP has reached its highest value in seven weeks, crossing the $2.39 mark for the first time since May 23. At press time, XRP is trading at $2.43, marking a 4.60% gain over the past 24 hours and a 6.85% increase on the week. XRP is currently the fourth-largest crypto with a market capitalization of $143.84 billion.
Whales Drive XRP Surge
The price surge comes as new data from blockchain analytics firm Santiment shows a growing number of large-scale investors accumulating XRP.
According to the latest data, 2,742 whale wallets now hold at least 1 million XRP tokens. This is just one short of the all-time high of 2,743 wallets recorded a day earlier. Collectively, these addresses hold around 47.32 billion XRP, indicating a renewed long-term confidence in the digital asset.
- Chart of XRP Whale Accumulation from Santiment
ETF Decisions on the Horizon
The timing is significant, as July is shaping up to be a pivotal month for XRP. Several exchange-traded funds (ETFs) are awaiting potential approval from the U.S. SEC.
The first major decision is expected on July 14. On that day, ProShares plans to launch three XRP futures ETFs: Ultra XRP ETF, UltraShort XRP ETF, and Short XRP ETF. These funds would provide investors with 2x leveraged exposure to XRP’s daily performance.
Turtle Capital is also set to launch a 2X Long XRP Daily Target ETF on July 21. This is pending clearance from the SEC.
On the same date, Volatility Shares aims to debut two additional futures-based ETFs: the Volatility XRP ETF and the 2x XRP ETF.
Meanwhile, REX-Osprey XRP ETF is scheduled to launch on July 25, pending SEC approval.
Beyond future products, more than 10 spot XRP ETF applications are currently under review. The SEC faces an October deadline to deliver final decisions on these submissions. The outcome could have a long-term impact on both institutional adoption and price trajectory.
Aside from the highly anticipated ETF approvals, the ongoing lawsuit between Ripple and the SEC remains a major focus. The crypto market is closely watching for a full dismissal of the SEC’s case against Ripple — a development that could significantly boost investor confidence and positively impact XRP’s price trajectory.
DisClamier: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
