Whale Accumulation Fuels XRP Surge Amid Short Seller Retreat
A significant influx of capital into XRP, totaling approximately $2 billion within a single week, has coincided with a notable pullback by short sellers. The key question now facing the cryptocurrency is whether this bullish momentum can overcome a critical resistance zone that has previously stalled its ascent.
Big Money Is Buying In
Large wallet holders have acquired an estimated 1.54 billion XRP over a four-day period, a move valued at nearly $2.2 billion. Market observers suggest that such rapid accumulation often precedes substantial price movements. Concurrently, a trader actively shorting XRP on the Hyperliquid exchange began to unwind their position, repurchasing 450,000 XRP and effectively halving their bearish bet against the token.
Fund Managers Continue Accumulation Amidst Price Softness
CoinShares disclosed in a recent filing with the Securities and Exchange Commission (SEC) that its XRP holdings have increased to 148.66 million tokens, up from 129.75 million in December. This consistent buying activity has persisted even as XRP’s price has experienced a recent cooling-off period. Clients of Franklin Templeton have also reportedly purchased approximately $1.5 million worth of XRP.
Leveraged ETF Launch Delayed, Not Canceled
Volatility Shares has postponed the launch of its 3x leveraged XRP Exchange Traded Fund (ETF) to October 18. The regulatory filings remain active, indicating a delay rather than a complete cancellation of the product.
South Korea’s Insatiable Demand for XRP
On Upbit, one of South Korea’s largest cryptocurrency exchanges, XRP has emerged as the most actively traded digital asset. The token recorded $183.8 million in trading volume in a single day, representing over 10% of the exchange’s total trading activity and more than double that of Bitcoin.
Government Debt Now Settles on XRP’s Blockchain
Ondo Finance has launched its tokenized U.S. Treasury fund, OUSG, directly on the XRP Ledger. The platform utilizes Ripple’s RLUSD stablecoin for deposit and withdrawal operations, marking the first instance of government debt settlement occurring on XRP’s network, operating in parallel with traditional settlement methods.
Minor but Crucial Update Nears Approval
A proposal known as “Permission Delegation,” which would enable XRP accounts to grant limited access rather than full control, has garnered 15 new affirmative votes in just ten days. The proposal is now only three votes shy of approval. This update will allow Wormhole to gain restricted access to Ripple’s RLUSD account, facilitating integration for other projects like Flare to offer enhanced services to XRP holders, while also providing compliance teams with the controlled access they require.
Independent Audit Confirms XRP’s Eco-Friendliness
An independent energy audit conducted by the exchange Bitvavo has confirmed XRP’s status as one of the most energy-efficient cryptocurrencies. The audit revealed that XRP consumes a minimal 0.00002 kWh per transaction, with virtually zero direct emissions.
Key Price Level Dictates Future Direction
The current wave of positive developments faces a significant hurdle in the price range of $1.49 to $1.54, a zone that has previously repelled XRP’s upward momentum on multiple occasions. A decisive break and sustained hold above this resistance level could pave the way for further gains. Conversely, a rejection at this zone is likely to result in continued sideways trading, with potential support levels to watch at $1.30, $1.20, and $1.10.
