With a market-wide rally in full swing, XRP (XRP) is outperforming the rest of the top five tokens, growing by 26.2% over the week.
XRP spot ETFs are on the horizon, and whale holdings are at an all-time high, underscoring that the second-largest altcoin stands a solid chance to explode soon.
Let’s take a closer look at XRP’s recent gains and see if it can prove to be a lucrative investment this summer, as well as a new emerging altcoin that’s also gaining traction.
Whales Now Hold Over 47 Billion XRP – How High Can it Go?
XRP has experienced impressive growth over the past seven days, with one of its main drivers being a sudden surge in whale activity.
The token entered July 5th priced at around $2.21 and steadily grew to $2.3 by July 9th, when it started rapidly gaining traction.
According to data from Santiment, an on-chain analysis platform, the number of wallets holding over 1 million XRP tokens rose to 2,743 on the same day. This influx saw the number of XRP held by whale-owned wallets rise to 47.32 billion.
The increased demand pushed XRP beyond the $2.6 mark for the first time since late March. On July 11th, XRP nearly broke above the $3 mark, reaching $2.96 before a healthy correction saw it decline to today’s $2.81.
As XRP grows, the rising whale interest in XRP suggests they may be repositioning for future events, as the potential launch of an XRP spot ETF could see the token explode soon.
Bloomberg’s senior ETF analysts James Seyffart and Eric Balchunas are confident XRP’s first spot ETF is 95% likely to surface this year.
If approved, the ETF could see billions pour into the market from institutional investors, which only fuels the bullish sentiment surrounding XRP.
Eric Balchunas pointed out that XRP futures ETFs are already performing well amid the token’s surge, noting that their volumes increased by 4-5x on July 11th.
Although future developments make XRP give it a bullish long-term outlook, it’s also well-positioned to explode in the short term.
The token saw its open interest grow by 19.19% in the past 24 hours, with the increased trader activity bringing its long/short ratio to 2.72. That means the vast majority of traders are confident XRP can explode in the short term.
If buying pressure persists, XRP could see its price double in the short term and achieve a new ATH above the $5 mark. However, those looking for outsized gains are shifting to tokens that may offer even greater gains during the altcoin season that could start soon.
Bitcoin Hyper Could Turn Early Presale Momentum Into Explosive Growth: Best Altcoin to Buy?
As XRP and other large altcoins rally, investor enthusiasm is quickly spilling over into smaller, high-upside tokens. Bitcoin Hyper is capturing more attention than most, with its presale attracting those eager to catch the next breakout.
However, it isn’t just riding the wave of altcoin momentum, as it is uniquely positioned as a meme coin project that aims to improve Bitcoin’s scalability and performance. This dual identity allows HYPER to benefit from both altcoin-related momentum and its introduction of real utility to the Bitcoin ecosystem.
The project is bringing the first Layer 2 on Bitcoin, which will utilize rollups to introduce low-cost, blazing-fast transaction speeds to Bitcoin without congesting its network.
Additionally, it leverages the Solana Virtual Machine (SVM) technology to bring scalable smart contracts to Bitcoin. This could result in a wave of Bitcoin-based NFTs, dApps, DeFi, and other projects.
To access the exciting ecosystem, users will be able to swap their BTC for wrapped BTC via the project’s Canonical Bridge.
Those holding HYPER, currently priced at $0.012225 each, will also enjoy several benefits within the ecosystem. Builders holding it will be eligible for grants and fee reductions, while others gain access to holder-exclusive products that may emerge.
Pointing out that the presale already raised an impressive $2.5 million, experts from 99Bitcoins believe that HYPER can deliver explosive gains soon after it launches.
This article is for informational purposes only and does not provide financial advice. Cryptocurrencies are highly volatile, and the market can be unpredictable. Always perform thorough research before making any cryptocurrency-related decisions.
